The Inflation Reduction Act, Analyzed
July 28, 2022
A major step forward for our economy and planet.
The Roosevelt Rundown features our top stories of the week.
What the Inflation Reduction Act Would Do
The new reconciliation agreement is a big deal.
Announced yesterday by Senate Democrats, the Inflation Reduction Act would make historic investments and structural interventions to stem rising prices—strengthening the supply of clean energy, curbing drug prices, and taxing those with the most ability to pay.
“This agreement shows the emergence of a new common sense: Public investment can reduce carbon emissions, drive economic growth, and make essential goods more affordable for Americans,” said Roosevelt President and CEO Felicia Wong.
“It addresses short-term price increases, especially on prescription drugs, by using the power of federal negotiation to curb the market power of pharmaceutical companies. And it makes long-term investments in the industries of the future, especially clean energy.”
Stiglitz on the Inflation Reduction Act
“The compromise agreed to under the rubric of the Inflation Reduction Act of 2022 is far more than just an act addressing inflation—although it does that in several ways,” Roosevelt Chief Economist Joseph Stiglitz explains.
“It simultaneously addresses several key and long-standing problems facing our economy and society.”
What We’re Reading
Jerome Powell’s Fed Pursues a Painful and Ineffective Inflation Cure – Wall Street Journal
Need Some Good News? Look to the Unions. – Washington Post