President Joe Biden celebrated the anniversary of the Inflation Reduction Act, saying it was spurring job growth and addressing climate threats as he sought an elusive political boost from his signature legislative achievement.
(Bloomberg) — President Joe Biden celebrated the anniversary of the Inflation Reduction Act, saying it was spurring job growth and addressing climate threats as he sought an elusive political boost from his signature legislative achievement.
Biden was joined by Democratic lawmakers at a White House event Wednesday that marked a year since he signed the law, which included billions for climate, and enacted sweeping tax and health-care measures.
“It fell entirely to Democrats to deliver it,” said Biden, assailing Republicans he said were now seeking credit for the law’s achievements despite voting uniformly against it. “I hope we’ve seen with all the people out there claiming their credit for it, they’ve all decided they’re going to join the fight.”
The event was an effort to gain politically from the law, which helped Biden rescue his agenda ahead of last year’s midterm elections and which he credits for a recent manufacturing boom, particularly in clean-energy projects.
Biden, though, has struggled to make the law and a string of positive economic indicators resonate with voters who still give him poor marks on his handling of the economy.
His desire for a victory lap this week has remained elusive, with a wave of extreme weather pushing climate advocates to demand more action, and the White House’s response to the devastating wildfires in Maui overshadowing the anniversary.
“This law is one of the biggest drivers of jobs and economic growth this country has ever seen,” Biden said.
Since he took office, Biden said, the private sector had announced nearly $240 billion in new clean-energy manufacturing investments and that the law had already created an estimated 170,000 clean-energy jobs.
“None of this would have happened had the unions not stepped up,” said Biden, seeking to assuage labor allies who have raised concerns about some of the law’s measures. “When I say climate means jobs, I mean good-paying, union jobs.”
Read more: A Year Into Biden’s Climate Agenda, the Price Tag Remains Mysterious
Incentives to transition to electric vehicles are an issue in difficult negotiations between the United Auto Workers and Detroit’s Big Three automakers. Auto workers are concerned electric-vehicle subsidies could threaten union jobs in the industry.
The UAW endorsed Biden in 2020 but has yet to back a candidate for 2024. Trump has sought the union’s endorsement, saying the IRA cost workers jobs and raised car prices.
“The clean energy economy should also be a win-win for auto companies and union workers,” Biden said, urging the UAW and Big Three to “work together to forge a fair agreement.”
Biden also touted the law’s impact on American families, saying it would help them lower costs, a bid to address polls showing Americans still worried about high prices even as data shows inflation tempering. Biden said the law was helping families save thousands of dollars on energy bills.
“It’s estimated that the consumer is going to save at least $27 billion in electric bills between now and 2030,” he said.
Biden has acknowledged his messaging on the economy has struggled to resonate and that he wished the IRA had a different name. He has crisscrossed the nation to sell his agenda of Bidenomics, with the climate law at the centerpiece, but a Washington Post-University of Maryland poll this month showed less than three in 10 Americans say they know a good or great deal about the IRA.
Cornell Belcher, president of Brilliant Corners Research & Strategies, said Biden’s struggles to get credit for his policies are not unique.
“This is no different than the challenges of Obama and the challenges of Reagan as they were coming out of economic downturn,” he said.
Read more: What Is Bidenomics? It Depends on Your Point of View: QuickTake
The fourth criminal indictment against Republican frontrunner Donald Trump, and the appointment of a special counsel for Biden’s son Hunter have also distracted from the president’s economic pitch, and this week the White House faced questions about its handling of the response to devastating wildfires in Hawaii. Hours before the IRA event, the White House announced that Biden would visit Maui to see the devastation firsthand.
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