IRA Helping to Boost Economy, Lower Costs for Consumers

In 2022, a law called the Inflation Reduction Act did a big thing. It pumped money into building stuff, making things, and helping the environment. Janet Yellen, who’s in charge of the money, says this law has made America’s economy better.

Yellen said, “In the last year, we changed from rushing to get better to growing steadily.” She thinks things are going pretty well, even though there might be problems.

Yellen talked about how awesome it is that since President Joe Biden started, more than 13 million new jobs have popped up. Inflation, where prices go up, got under control, and the number of people without jobs is like it was 54 years ago. She said these good things while speaking in Las Vegas to a group of electric workers.

She said all these good things are because of “Bidenomics.” That’s just a fancy word for how President Biden’s plans helped the economy. Like laws about building things, making computer stuff, and the Inflation Reduction Act, which started one year ago.

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A year ago, Republicans used “Bidenomics” to say bad things about high prices and interest rates. But now, things are better, so Democrats like “Bidenomics” and think it’s like how President Obama liked “Obamacare.”

Yellen said that even though prices went up a bit in July, it’s not as bad as the crazy increase in June 2022. And people are making more money at work, which is great because it means workers are doing better than last year. She thinks things will get better, even though there might be some ups and downs.

She said American companies spent over $500 billion on building things and clean energy since January 2021. She thinks it’s really cool that so many factories are being built in the U.S., more than in other countries.

Also, there’s a big push for clean energy factories. Lots of places want to build these factories, more than ever before.

Even though things are going well, Republicans keep telling Democrats that there are still problems with the economy. A guy named Jason Smith from Missouri says that “Bidenomics” made everything more expensive, like gas, food, and houses. He thinks the government’s actions slowed down the economy and jobs.

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Brian Deese, who used to help President Biden with money stuff, said that it’s up to Democrats to tell people how good the Inflation Reduction Act is before the 2024 election.


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