President Biden’s recent success has prompted plenty of discussion about whether his political standing will hold up through the 2024 election, presuming he actually runs for re-election.
I want to look briefly at one aspect of Biden’s hot streak. It’s the Inflation Reduction Act and the provision contained in it that deals straight ahead with what I consider to be the nation’s most serious existential threat: climate change.
Forbes magazine has taken a good look at specific aspects of the IRA. Here is its summary of the climate change aspect of the law:
The bill includes numerous investments in climate protection, including tax credits for households to offset energy costs, investments in clean energy production and tax credits aimed at reducing carbon emissions.
Now, I have to ask: Why is any of that such a bad thing?
The Inflation Reduction Act is a slimmed-down version of Biden’s Build Back Better legislative ideal. He couldn’t get all Democrats — let alone any Republicans — to buy into the initial version of the bill. So, he settled on this dialed-back facsimile.
What I find horribly disconcerting from GOP critics is their insistence that efforts to curb carbon emissions is a “job killer.” In a way, yes, this emphasis will reduce jobs … in the fossil fuel industry. The payback, though, comes with investment in new clean-energy jobs.
Here’s What’s In The Inflation Reduction Act – Forbes Advisor
You might recall a statement that 2016 Democratic presidential nominee Hillary Clinton said about her plan to convert to clean energy. She pledged to virtually eliminate fossil fuel jobs; her foes led by GOP nominee Donald Trump hammered her mercilessly. Except that she said in the very next sentence that she would want to replace those fossil fuel jobs with clean energy jobs.
Here’s a bit more from Forbes: Though the bill may fall short of bringing immediate price relief to consumers, it’s monumental in other ways. According to The Wilderness Society, a nonprofit land conservation organization established in 1935, the Inflation Reduction Act is described as a “breakthrough” on climate policy.
A “breakthrough on climate policy”? I agree about whether this bill bring much immediate relief on inflation. However, I am going to retain a belief that tax breaks and household incentives are going to bring immediate relief to the stresses humankind is putting on our fragile planet.