September 19, 2022 - Douglas Myser

Inflation reduction act and energy. The billions being poured into energy independence and climate change measures, inside the Inflation Reduction Act, will pay dividends for years to come. The costs of the floods, hurricanes, and fires that are ravaging America and the rest of the world, are slowly impacting lives and the economy in a multitude of ways. The costs being borne are bigger than doing nothing at all. The Ukraine War put emphasis on doing this now, as Russia holding the world hostage to its energy demands, a form of economic blackmail, could be seen years ago with any common sense. Many other benefits of the Inflation Reduction Act include the rising health care costs that just keep on going up in the United States. Capping the out of pocket costs of drug costs is a start. Medical bankruptcies are the number one reason for bankruptcy in America. Inflation reduction act and energy.

While the full benefits of the IRS will only be realized only gradually over the coming years-especially as we invest in the green transition--some of the anti-inflation effects could be felt immediately, particularly in the case of the drug-pricing provision. Since markets are forward looking the anticipation of increased renewable energy supply should lead to decreased fossil fuel prices today. According to some prevalent theories, anticipation of future inflation are a key determinant of current inflation, so even the bill's slower moving inflation dampening could have anti inflationary benefits today. No bill is perfect, but this bill is the first bill in American history to do anything about climate change and move us in the right direction.

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