ICYMI: ANALYSTS & EXPERTS HIGHLIGHT CLIMATE & ECONOMIC BENEFITS OF THE INFLATION REDUCTION ACT

FOR IMMEDIATE RELEASE

August 2nd, 2022

Contact: Erik Mebust, erik@climatepower.us

WASHINGTON, DC — In the days since Majority Leader Schumer and Sen. Manchin released details of the proposed Inflation Reduction Act, analysts from a range of disciplines have weighed in on the benefits of the bill. Several reports have found that the package would reduce emissions by roughly 40% by 2030, reduce consumer energy costs, increase GDP, and create over a million jobs in the clean energy industry

In a sign of expert consensus on the bill’s benefits, noted inflation hawk Larry Summers praised its deflationary effects: “This bill is fighting inflation and it’s got a whole set of collateral benefits as well.” In a letter first shared with CNN, he was joined by 126 top economists who wrote to the administration that “these investments will fight inflation and lower costs for American families while setting the stage for strong, stable, and broadly-shared long-term economic growth.” They joined a long list of energy analysts who affirmed the Majority Leader’s claim that the bill would tackle climate change, alleviate environmental injustice, and put the U.S. on the path to meeting its commitments under the Paris Agreement.

Here’s what they found:

On climate:

On consumer savings:

On macroeconomic impacts:

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