INDIANAPOLIS — Wednesday, August 16, 2023 marks the first anniversary of President Biden signing the Inflation Reduction Act (IRA) into law.
The law’s passage marked a major win in Biden’s and congressional Democrats’ fight against big pharma — Republicans did not aid in this fight for the American people’s health as every single Republican in Congress voted against the IRA.
“The legislation is doing exactly what it promised: lowering health care and prescription drug costs for families, bringing new jobs to our communities, and spurring crucial investments in clean energy that will continue to deliver for future generations of Hoosiers,” said Indiana Democratic Party Chair Mike Schmuhl.
“With Indiana being an agriculturally-based state that’s also full of small business, I am confident when I say that — without a doubt — this single piece of legislation from President Biden has done more for Hoosiers than our Republican-controlled General Assembly has in years.”
The Inflation Reduction Act in Numbers:
● About 157,000 Hoosiers with Marketplace coverage are saving an average of about $870 annually from the ARP subsidies that the Inflation Reduction Act would continue.
● In 2021, there were already 86,215 Indiana workers employed in clean energy jobs. The Inflation Reduction Act is expanding those job opportunities, bringing an estimated $6 billion of investment in large-scale clean power generation and storage to Indiana between now and 2030.
● Hardworking Indiana families will receive home energy rebates that will cover 50-100% of costs associated with weatherizing their homes and replacing old appliances with more efficient models.
● Manufacturers employ 525,200 workers in Indiana, and the Inflation Reduction Act will help us make the technologies of the future at home — supporting local economies and strengthening supply chains.
● Indiana is home to 529,456 small businesses, representing 99.4% of all businesses in the state, and the Inflation Reduction Act will help them save money through tax credits to support energy efficiency improvements that deliver lower utility bills.
● The Inflation Reduction Act will make it easier and cheaper for Hoosiers to purchase an electric vehicle, with upfront discounts for new and used EVs, helping middle-class Americans skip the gas pump and save on fuel costs.
● The Inflation Reduction Act will significantly reduce pollution, helping Indiana not
only avoid costly climate impacts from more extreme weather, but also improve local air quality.
● The Inflation Reduction Act supports climate-smart agriculture practices, which will help Indiana’s 55,100 farms lead on climate solutions and reward their stewardship.
● The Inflation Reduction Act will upgrade affordable housing, helping thousands of Hoosiers boost resilience in the face of intensifying extreme weather.