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Originally Posted by Elizondo
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Biden administration officials have said that their actions contributed to lower inflation. By releasing oil from the U.S. strategic reserve, they say, they reduced the financial pain at the gas pump. The administration also created a task force to improve U.S. port activity and supply chains. The White House also stayed quiet on Fed rate hikes, giving the central bank the independence to work without political pressure.
Biden has been careful not to declare an outright victory against inflation, as it’s still higher than the Fed’s 2% target. But the White House says the cost savings from the Inflation Reduction Act are coming as the law is getting enacted.
Tax credits will reduce the cost of installing rooftop solar panels by 30%, which will in turn lower monthly electricity bills. Tax credits also make it more affordable to install a heat pump to control a home’s central air, possibly trimming energy bills by $1,000 annually. There are other tax credits for energy efficient doors and windows as well as new insulation.
Electric utilities using the tax credits for renewable energy will pass roughly $8.2 billion in savings to their customers. People can defray the costs of buying a new electric vehicle with a $7,500 tax credit.
The law also has measures related to health care. Biden has often said in speeches that Medicare recipients will have the monthly cost of their insulin capped at $35. Starting in 2025, there will be a $2,000 limit on out-of-pocket prescription drugs that will save 19 million people on Medicare an average of $400 annually. The CBO estimated that people enrolled in Medicare Part D, which involves prescription drugs, will have their personal costs lowered by $25 billion in 2031.
Taken together, the law could help protect the U.S. economy against the rising oil costs and broken supply chains that triggered the most recent bout of high inflation.
“The IRA will be a big plus for the economy in the long-run as it reduces the economy’s reliance on fossil fuels,” said Mark Zandi, chief economist at Moody’s Analytics. “It will make the economy less vulnerable to spiking oil prices, which have contributed to nearly every recession since World War II.’’
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Biden administration increase the economy and lowered inflation. You got nothing EZ.
Quote:
Originally Posted by Elizondo
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Economy under Trump was awesome
Everything under Biden sucks. He's a massive failure.
Cope and seethe
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Yeah the 16 Trillion lost in the economy from the mismanagement of Covid by the Trump Administration was awesome.
Trump was handed an economic up ticket from the previous administration and he couldn't even hold on to that.
Ha Ha Ha at one point Trump had the DOW lower than what the previous administration left him.
EZ you have literally nothing and guess what....
The Democrats are going to win again in 2024.
Republicans have next to no motivation to even get out and vote. The Republican candidates are shadowed in scandal, turmoil and disarray. Even from the midterms Chris Christie said it best - Trump picks in battle ground states lost and you can't expect him to win the presidency with these loses.
The only question now is how bad will the republicans lose?
08-17-2023, 09:16 PM
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