FACT CHECK: Inflation Reduction Act Spurred Domestic Clean Energy Production and Bolstered American Job Creation
WASHINGTON, D.C. – During tonight’s GOP presidential debate, Republican candidates falsely claimed the Inflation Reduction Act and Bidenomics are failing American workers and raising costs. The reality couldn’t be further from the truth.
FACT: The Inflation Reduction Act is empowering domestic clean tech manufacturing and shifting private investments to the U.S. Companies are only able to access funding from the law if their product is made at least partially in the United States.
FACT: Hyundai executives recently announced they would work to open an electric vehicle and battery plant in Georgia as soon as possible due to the incentives offered by the Inflation Reduction Act.
FACT: In 2022, half of one percent of new foreign investment was associated with China.
FACT: Over 170,000 new American clean energy jobs and over $278 billion in new clean energy investments have been announced since the passage of the Inflation Reduction Act, including over 32,000 new electric vehicle jobs and over 92,000 new battery jobs.