One Year Of President Biden’s Inflation Reduction Act In California
FOR IMMEDIATE RELEASE: August 14, 2023
PRESS CONTACT: McKenzie Wilson, [email protected], 773-715-0169
ONE YEAR OF PRESIDENT BIDEN’S INFLATION REDUCTION ACT IN CALIFORNIA
WASHINGTON, D.C. — This Wednesday marks the one-year anniversary of President Biden signing the Inflation Reduction Act into law. This legislation — which has already spurred $12 billion in private clean energy investments in California— is a first-of-its-kind national investment in growing our country’s middle class and combatting climate change.
Ahead of the anniversary, Building Back Together spokesperson McKenzie Wilson released the following statement:
“In just one year since President Biden signed the Inflation Reduction Act into law, inflation and prices are down, while job creation and wages are up. American manufacturing is booming for the first time in decades thanks to the bill’s historic investments in American clean energy, while health care costs are down thanks to the president’s major victory over Big Pharma.
Because of the Inflation Reduction Act signed into law by President Biden, the nation’s uninsured rate is at a historic low; millions of seniors are now eligible for free vaccines like the measles and the shingles vaccine; and 15 million Americans are saving an average $800 per year on health premiums. Not only that, but more than 170,000 clean energy jobs have already been created, with an estimated 1.5 million additional jobs on the way thanks to the bill’s investments in our nation’s energy security.
All of this — and not one penny added to the federal deficit. In fact, President Biden’s Inflation Reduction Act has paid for these investments by cracking down on wealthy tax evaders and has already recovered more than $38 million from delinquent millionaires.
Put simply, the Inflation Reduction Act has already lived up to its name — and its impact is only just beginning.”
According to an analysis conducted by health care nonprofit Protect Our Care, the Inflation Reduction Act’s health care provisions are impacting California in the following ways:
- 203,210 Californians will save an average $341.84 thanks to the Inflation Reduction Act’s $2,000 annual out-of-pocket cost cap. Last year, 3,805,184 Californians spent an average of $378 on out-of-pocket on prescription drugs.
- 108,164 Californians on Medicare who use insulin are now charged no more than $35 per month for an insulin prescription.
- 1,586,076 Californians are saving an average of $476 on monthly health insurance premiums.
- 5,330,676 of California’s seniors are eligible to receive the shingles vaccination and other recommended vaccinations free of cost. Additionally, 14,229,292 of California’s Medicaid beneficiaries will have access to expanded vaccine coverage.
In addition to the $12 billion in private clean energy investments that have been spurred by the Inflation Reduction Act, according to a report from climate nonprofit Climate Power, the Inflation Reduction Act’s climate provisions are impacting California’s economy in the following ways:
- 16 projects have been announced in the Golden State in the last year since the Inflation Reduction Act was signed into law by President Biden. California currently has the fourth-highest amount of clean energy investments spurred by the Inflation Reduction Act of any state in the country.
- 5,300 clean energy jobs have been created as a result of these provisions and investments.