On the occasion of the first anniversary of the Inflation Reduction Act (IRA), a legislative attempt to combat the climate crisis, President Biden has hailed the bill saying the legislation has already created 170,000 clean energy employment. Along with creating some 1.5 million jobs over the next decade. 

The president has stated that the legislation has shifted the production of critical components away from China and into the US. Biden has stated that “we build here and send there. The President has stood for union workers, small business owners, to consumers, for the purpose of enhancing business opportunities in the nation.

The Impact Of The IRA 

According to the data provided by Bank of America’s report, the real impact of the IRA will begin in 2024 to 2025. Since its application, more than 270 clean energy projects have been announced, with investments amounting to approximately $132 billion. 

Approximately half of those investment dollars are invested in electric vehicles and batteries, while the others are used for renewable energy like wind, solar, and nuclear. 

These investments are expected to be accompanied by over 86,000 jobs, including 50,000 jobs related to EVs, the analyst of the Bank of America has stated. 

Along with this, credit agency Moody has aided that the legislation is likely supporting the growth in gross domestic product, productivity, and innovation. 

IRA’s Impact on US Economy 

The Inflation Reduction Act has helped solve a political problem for Democrats, who have been concerned that voters would punish them for raising prices in the 2022 congressional elections. 

While the price tends to increase, have cooled down significantly over the past year, and the inflation rate has also dropped to 3.2% from 9%. But no economists state that the drop has been a result of the application of the act.

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