August 6, 2022 - Douglas Myser

Manchin approves of inflation reduction act. The legislation that Sen. Joe Manchin finally decided to get behind would represent one of the biggest pieces of legislation, regarding a move towards climate change proposals, ever in the United States. The nonpartisan Committee for a Responsible Federal Budget stated that the legislation would put nearly $385 billion into the fight against climate change and would bolster U.S. energy production through changes that would encourage nearly the would economy to cut carbon emissions. With the planet rapidly warming, Schumer and Manchin say the bill would reduce carbon emissions by roughly 40 percent by 2030, close to President Biden's goal of cutting U.S. emissions by at least 50 to 52 percent below 2005 levels by 2030. Manchin also emphasized that it would spur American energy independence more broadly, including by encouraging natural gas, as the war in Ukraine has exposed domestic reliance on petrostates fossil fuel production. Manchin approves of inflation reduction act.

The bill has two key components to spur this action: One are the new incentives given to private industry to produce far more renewable energy, and the other incentive is for households to transform their energy use and consumption. Democrats say this second set of incentives will also offer immediate consumer relief for the higher energy prices that have bedeviled the Biden Administration. The agreement would also raise roughly $470 billion through new tax provisions, the largest part of which falls on the country's large corporations. After years of rising deficits, the public outrage became a bit too much for many members of Congress to ignore anymore.

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