The Inflation Reduction Act of 2022 stands as one of the key legislative achievements of the Biden administration and constitutes a major part of the economic record upon which Vice President Kamala Harris is running her presidential campaign. With the recent second anniversary of the law going into effect, a new study examines the impact that it has had on the American economy and environment.
‘Biden-Harris Clean Energy Boom’
Climate Power recently released a report, “Two Years of the Biden-Harris Clean Energy Boom,” to examine the impact of the Inflation Reduction Act. The report refers to the act as “the largest U.S. investment in climate and clean energy in history,” and credits it for creating “more than 334,565 new clean energy jobs for electricians, mechanics, construction workers, technicians, support staff, and many others.” The document contrasts the Biden-Harris achievements with what Climate Power sees as the dangers of a second Trump term, noting that “Trump has pledged to repeal the clean energy plan and crush these clean energy industries starting on ‘Day 1.’”
Job creation for low-income, minority communities
The report highlights how these gains have been distributed throughout the country, noting Georgia, New York, Texas, Michigan and Kansas as the states that have gained the most jobs. The survey also notes that about 40% of these new jobs — over 134,000 in total — have been created in “low-income communities.” The report notes that “75% of the new jobs the clean energy plan will create don’t require four-year degrees, meaning they’re accessible to all Americans,” citing an Atlanta Journal-Constitution article that points toward the positive impact these new jobs have for women and minority populations. Climate Power has recently launched a $10 million Black Engagement Program to inform and mobilize Black voters on the basis of climate policy.
Biden-Harris economic legacy
This report comes as the economic track record of the Biden administration remains under scrutiny as Harris campaigns on building upon the administration’s successes. After promoting economic support and recovery from the COVID-19 pandemic through the America Rescue Plan, for which Harris cast the tie-breaking vote in the U.S. Senate, the administration has sought to fight inflation and promote job growth. The Inflation Reduction Act was a key part of this policy, seeking to bring down prices on items such as prescription drugs while also promoting environmentally beneficial investments. The inflation Reduction Act has also focused on distributional disparities, such as including a more than $2 billion payment for Black farmers who faced past discrimination in federal lending.
As the presidential campaign reaches its final weeks, Harris will seek to make the case that she and President Joe Biden have fostered a strong economy and that she is poised to tackle remaining challenges such as inflation and climate change. The achievements highlighted in the Climate Power report represent a significant part of the case that the Harris campaign is making to voters as we near Election Day.