On Tuesday, President Joe Biden signed the Inflation Reduction Act into law, lowering costs for working families, and marking the single greatest investment in the fight to combat climate change in U.S. history.
Washington Democrats were instrumental in the creation and passage of the Inflation Reduction Act, which made it through both the House and Senate last week, with all nine voting in favor of the historic bill. The state’s three Republicans in Congress — Reps. Jaime Herrera Beutler, Dan Newhouse, and Cathy McMorris Rodgers — were opposed.
- Lowers prescription drug costs by allowing Medicare to negotiate prices and capping out-of-pocket costs for seniors to $2,000.
- Lowers energy costs by hundreds of dollars on average for many families, increases cleaner energy production, and reduces carbon emissions by roughly 40 percent in less than 10 years.
- Locks in lower health insurance costs by $800 on average for 13 million Americans who get their insurance through the Affordable Care Act exchanges.
- Fights inflation by reducing the deficit.
- Makes the tax code fairer by cracking down on the ultra-wealthy and large corporations so they pay their fair share in taxes.
- Does not raise taxes on families making $400,000 or less and no new taxes on small businesses.
The Nature Conservancy’s Washington state chapter estimates 10,600 jobs will be created every year for the next decade in Washington because of the bill, including jobs in renewable energy, such as wind and solar. It also directs billions in funding toward rural, urban, and Tribal communities, which already experience the extreme effects of climate change, like flooding.
“Washington state is a leader in the fight to combat climate change, thanks to Democratic leadership. Now, we’ll be able to expand those efforts here and nationwide, while also investing in our working families by lowering everyday costs — from prescription drugs to home energy — and creating good-paying jobs,” state party Chair Tina Podlodowski said. “Democrats continue to deliver on key issues, and Washingtonians know it; we saw that in the primary. Whereas, Republicans once again put special interest groups and wealthy corporations before people. It’s shameful, and it’s just another prime example of why we are working so hard to expand and protect our Democratic majority, so we can keep moving our state and nation forward.”