Kamala casts the deciding vote on the Inflation Reduction Act

Always in His Presence · Aug 27, 2024

Video Senate passes landmark Inflation Reduction Act

Vice President Kamala Harris cast the tie-breaking vote.

abcnews.go.com

Video showing Kamala casting deciding vote.

Let's look at what her actions produced:

One thing the Inflation Reduction Act may not do: Lower inflation

A new analysis from the Penn Wharton Budget Model finds that wealthier taxpayers will bear the brunt of the impact.

www.cbsnews.com

The Inflation Reduction Act is aimed at tackling a host of problems, from climate change to catching tax cheats, but there's one issue it may not solve: reducing inflation.

That's the conclusion of the Penn Wharton Budget Model, a group of economists and data scientists at University of Pennsylvania who analyze public policies to predict their economic and fiscal impacts. Its analysis, published Friday, comes as inflation remains near a 40-year high, crimping the budgets of consumers and businesses alike.

The Inflation Reduction Act would invest nearly $400 billion in energy security and climate change proposals, aimed at reducing carbon emissions by approximately 40% by 2030. It also would allow Medicare to negotiate with drugmakers on prescription prices, and would limit out-of-pocket drug expenses for seniors to $2,000 annually. The bill also directs $80 billion in funding to the IRS, aimed at helping the underfunded agency hire more auditors and beef up its customer service and technology.

But the impact on inflation "is statistically indistinguishable from zero," the Penn Wharton Budget Model said on Friday.

The Democrats’ overstated claim that the Inflation Reduction Act curbs debt, inflation

Will the legislation "pay down the national debt"?

There's nothing in the legislation that would do that.

Will the legislation "fight inflation"?

This is far from a certainty.

A broad swath of expert opinion suggests that the measure’s impact on inflation will be modest, and could border on zero.

"There’s no serious deficit reduction in the bill until the second five years," he said. By that time, any impact from this bill would be moot, he said: "If the Fed doesn’t have inflation under control by 2028, we’ll be facing a revolution."

Fantine · Aug 27, 2024

Since the law was passed two years ago and inflation has gone down considerably I think the value of the law is self-evident--although the Fed has helped, too.
Why does climate change enter into the picture? Every solar and wind project lessens demand for fossil fuels. Low demand equals downward price pressure.
Also, globally, reducing demand takes money away from OPEC and Russia, whose economies are based on oil.
Since Russia and Iran use their money to wage war, that's good, too.

RocksInMyHead · Aug 27, 2024

hislegacy said:
Let's look at what her actions produced:

I'm not sure how speculative articles from two years ago are meant to show us the results of the Inflation Reduction Act.

Let's look at some more recent stuff:

1. Inflation: reduced (Because of the IRA? Not really, but still.)

2. Billions of investments into clean energy technologies - disproportionately in rural Republican districts.

https://www.cnn.com/2024/06/16/climate/clean-energy-investment-republicans/index.html

3. Lower prescription prices for Medicare patients (saving the government money!)

How Medicare’s New Drug Price Negotiation Program Could Expand Access to Selected Drugs | KFF

This brief examines how Medicare Part D enrollees’ access to and utilization of the first set of 10 selected drugs could be affected by the new Part D coverage and formulary requirements for selected drugs established by the Inflation Reduction Act and in CMS guidance, as well as the potential...

www.kff.org

4. An anticipated $850+ billion in increased revenue without increasing the tax burden on people earning less than $400,000/year

Empowering the IRS: Understanding the Full Potential of the Inflation Reduction Act’s Historic Investment in the Internal Revenue Service | CEA | The White House

One of the most important ways that President Biden has added real fairness to the tax code is by providing the Internal Revenue Service (IRS) with the resources they need to reduce the tax gap and improve service delivery for taxpayers. The gross tax gap is the difference between what taxpayers...

www.whitehouse.gov

This video has a good summary of the positive effects:

Laodicean60 · Aug 27, 2024

The EV push was a waste of taxpayer money because the consumers, we do not have enough charging infrastructure to make me consider buying one. Now that we are heading toward a unipolar world investments into manufacturing are key. We have to be self-reliant like back in the day.

Laodicean60 · Aug 27, 2024

I think we need to remove some of the red tape to smooth out the transition.

RocksInMyHead · Aug 27, 2024

Laodicean60 said:
The EV push was a waste of taxpayer money because the consumers, we do not have enough charging infrastructure to make me consider buying one.

That's a fixable problem - and just because the infrastructure isn't enough to make you consider one does not mean that it's insufficient for anyone to consider one.

Laodicean60 said:
Now that we are heading toward a unipolar world investments into manufacturing are key. We have to be self-reliant like back in the day.

That's a huge component of the IRA - encouraging the movement of manufacturing back to the US.

JosephZ · Aug 27, 2024

Laodicean60 said:
The EV push was a waste of taxpayer money because the consumers, we do not have enough charging infrastructure to make me consider buying one.

The charging infrastructure is rapidly expanding and improving.

EV Charging Metrics Are Positive, Signaling A Consistent Rise In Availability & Reliability

Roadtrips in the US have become much less stressful this summer because there are many more reliable EV chargers available along major highways and in suburban areas. While it still requires planning and strategic charging, an EV on a vacation getaway is no longer a major problem.

US EV charging deserts are disappearing, with an increase of 9% charging stations in 3 months, according to a Bloomberg Green analysis of Department of Energy data. There are now nearly 9,000 public, fast charging sites in the US. In the second quarter, Shell debuted 30 new charging stations, Enel opened 11, Pilot Travel Centers revealed 8, and another seven arrived at Flying J rest stops in the US.

The Q2 rise in EV charging was spurred significantly by the Biden-Harris administration’s National Electric Vehicle Infrastructure (NEVI) Formula program, a $5 billion plan to fill in the gaps on the charging map. Two months ago the Administration opened applications for a historic $1.3 billion funding opportunity for EV charging and alternative-fueling infrastructure in urban and rural communities and along designated highways, interstates, and major roadways. This is the largest single grant funding opportunity for EV charging in the nation’s history.

EV drivers really like fast charging, with its capacity to return the EV charging level to 80% in about 20 minutes. If the trend continues, public fast-charging sites will outnumber gas stations in the US in about 8 years.

Certainly, the Inflation Reduction Act that the Biden-Harris administration signed into law in August 2022 made EV manufacturers eligible for billions of dollars worth of battery manufacturing tax credits, which helped to assuage inherent EV startup difficulties.

The upcoming US Presidential election will have impact the future of domestic EV production. Former President Trump’s attack on EVs in his Republican Party nomination speech affirmed his vow to “end the electric vehicle mandate on day one.” He’s been quoted as saying they’re too expensive, can’t be driven far enough on a charge, and will cost auto workers their jobs. Yet his position seems to have been forgotten by his advisors lately, as Trump has eased his previous condemnation of EVs. Now he tells attendees at his campaign rallies that he likes them, especially Teslas, which are manufactured by his fanboy and huge financial contributor, Elon Musk.

SimplyMe · Aug 27, 2024

Laodicean60 said:
The EV push was a waste of taxpayer money because the consumers, we do not have enough charging infrastructure to make me consider buying one. Now that we are heading toward a unipolar world investments into manufacturing are key. We have to be self-reliant like back in the day.

Good thing that the Inflation Reduction Act had a section on the states building out car chargers. Unfortunately, most states have been slow in doing the necessary steps to get the money and build new stations, but most (Wyoming an exception as they are refusing to build chargers) have submitted plans and are working, if slowly, to get new chargers built.

Laodicean60 · Aug 27, 2024

RocksInMyHead said:
That's a fixable problem - and just because the infrastructure isn't enough to make you consider one does not mean that it's insufficient for anyone to consider one.

Yes, mine is just one reason for consumers. A hybrid would work for me.

RocksInMyHead said:
That's a huge component of the IRA - encouraging the movement of manufacturing back to the US.

Even though Trump also encouraged manufacturing Biden is providing tax dollars for it and that's a good thing and semiconductors. One thing that stood out from the video is military conflict and I hope we are not trigger-happy but this is all part of deglobalizing. I also can see why the WTO and EU countries are hostile toward it, maybe they are afraid their economies can't stand on their own if we become self-reliant.

Laodicean60 · Aug 27, 2024

JosephZ said:
The charging infrastructure is rapidly expanding and improving.

I'm sure it is and Elon is helping with that but on the roads I travel I haven't seen them.

iluvatar5150 · Aug 27, 2024

Laodicean60 said:
I'm sure it is and Elon is helping with that but on the roads I travel I haven't seen them.

Most every rest stop up here has them. Most parking garages have at least a couple. Stores with bigger parking lots often have a few. My last employer installed several in their parking lot.

Laodicean60 · Aug 27, 2024

iluvatar5150 said:
Most every rest stop up here has them.

I was at the Smithsonian about a month ago and one thing I noticed is that the Northeast roads are better maintained. Southern infrastructure needs work! But I will start looking at the rest stops in my area something I usually fly by. If I move to Texas near kids I could very well consider one.

iluvatar5150 · Aug 27, 2024

Laodicean60 said:
I was at the Smithsonian about a month ago and one thing I noticed is that the Northeast roads are better maintained. Southern infrastructure needs work! But I will start looking at the rest stops in my area something I usually fly by. If I move to Texas near kids I could very well consider one.

Roads in the northeast vary widely by jurisdiction and type of road. Interstates in NY are like driving on clouds and most of the surface streets are pretty decent (and clean), but all the surrounding states are spotty. Driving through the affluent Boston suburb in which I used to live was like driving on the moon. Maryland highways are okay, but a lot of the Baltimore roads are pretty rough. Many of the highway signs are so old, they don't reflect anymore. I have a couple friends who are bridge inspectors and their opinion of things around here is low.

wing2000 · Aug 27, 2024

Laodicean60 said:
I was at the Smithsonian about a month ago and one thing I noticed is that the Northeast roads are better maintained. Southern infrastructure needs work! But I will start looking at the rest stops in my area something I usually fly by. If I move to Texas near kids I could very well consider one.

...or you can try planning a route with this app (I used it when planing a trip with a rented Tesla):

ABRP

A Better Routeplanner is the world's most popular consumer EV routeplanner - both for beginner and experienced EV drivers. And of course for anyone curious about EVs.

abetterrouteplanner.com

Always in His Presence · Aug 27, 2024

RocksInMyHead said:
That's a huge component of the IRA - encouraging the movement of manufacturing back to the US.

A link would be interesting to see.

RocksInMyHead · Aug 27, 2024

hislegacy said:
A link would be interesting to see.

See post #4

HARK! · Aug 27, 2024

MOD HAT ON

Please at least try to make posts that discuss the topic presented in the OP.

MOD HAT OFF

iluvatar5150 · Aug 27, 2024

HARK! said:
Please at least try to make posts that discuss the topic presented in the OP.

Ok.

Everybody who's been paying attention has known, for two year, that the "Inflation Reduction Act" is a misnomer. It did a bunch of other good things, but didn't touch inflation. Inflation went down regardless.

So what's the problem? Are we griping about a misnamed bill?

Kamala casts the deciding vote on the Inflation Reduction Act

Jesus is the only Way

The Democrats’ overstated claim that the Inflation Reduction Act curbs debt, inflation​

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The Democrats’ overstated claim that the Inflation Reduction Act curbs debt, inflation