Inflation Reduction Act
- Thread starter Pirata
- Start date
Well, there is new minimum tax on corporations which raise 22 Billion. There has to be savings with Medicare negotiating prices for drugs. and we shall see if there wil be a net savings with this plan as the White House says there will be. However, this is not a fiscally irresponsible plan.
The IRA wasn’t intended to eliminate inflation or remove the need for any Fed action though.
Maybe. That implies they could be making more money now and are choosing not to… a tough argument to sell.
More likely that are charging what they believe people are willing to pay, and the tax they pay on their profit will have no impact on what consumers are willing to pay.
What good is in it? Not much from what I can see.
The name is yet another trick by Congress and the President to sell their agenda as something it isn't.
It improves American competitiveness in the clean energy industry creating millions of jobs in the US over the next ten years with pretty much no impact (slight decrease) on the deficit.
It lowers healthcare costs for millions of Americans.
It provides rebates for families to convert appliances to more efficient options, it provides rebates for insulating homes reducing energy costs for low and middle income familIes.
Not all inclusive of what’s in the bill but those are all good things.
The long term policy goals of the bill are to reduce how much people pay for energy and healthcare.
There were additional reductions in the house version of the bill like childcare and education.
The name isn’t that unreasonable. It just doesn’t solve inflation on its own in the short term.
I personally care more about the substance of the bill than the sales pitch but one main goal of the bill is to reduce long term costs for energy and healthcare. Lowering costs for two large drivers of inflation.
The name is a sales pitch for sure... but it's not that out of bounds considering what the bill does.
Again, not all inclusive but it caps Medicare out of pocket spending, Limits the price of insulin for Medicare beneficiaries, Reduces monthly premiums for people who purchase healthcare on exchanges.
Not really a big deal. Most people get their insurance through their employer, so it does nothing to reduce their costs as they continue to get screwed with ever increasing high premiums every month for lower standard of care and don't use the healthcare system as often as others.
Par for the course for this administration. Screw people who pay more and use less services, give handouts to people who consume the most.
Bad take. They were limited with what they could do because the bill passed through a budget reconciliation.
They could not do anything for everyone on healthcare outside of what is paid for by the federal government because of a lack of republican support and you blame this administration for getting something accomplished here?
There option was not doing something more, it was this or nothing.
There is a lot of good in this bill. Sorry you don't see it.
The climate agenda does matter. I understand you don't agree with it and that's fine, but he campaigned on it and it is a large part of why people voted for him.
That said, I don't really understand how you can look at a bill that will create close to a million jobs per year over the next ten years as something that doesn't matter.
Ignoring everything else in the bill, that on its own is fantastic. Add in that it is deficit neutral?
How is this something that's bad and doesn't matter?
If you believe emissions cause global warming you have to conclude other countries (china and india) are causing temps to rise since US emissions have trended down for the last 20 years.So spend billions on your religion of climate change and pat yourself on the back for your moral superiority which changes nothing.Spend this money on medical research where it can actually make a difference in people lives.
PERI - Job Creation Estimates Through Proposed Inflation Reduction Act
On July 27, the U.S. Senate Democrats released the Inflation Reduction Act (IRA). This measure aims to reduce U.S. CO2 emissions by 40 percent as of 2...
peri.umass.edu
China also leads the world in renewable energy production. India is 3rd.
It's not like they are doing nothing here.
China and India are increasing in emissions because they are still developing countries and require more energy but both have less emissions per capita than the US does.
We can and should do better.
Not for moral superiority but because we should be leading and building the technology and advancements here rather than watching another country do it.
PERI - Job Creation Estimates Through Proposed Inflation Reduction Act
On July 27, the U.S. Senate Democrats released the Inflation Reduction Act (IRA). This measure aims to reduce U.S. CO2 emissions by 40 percent as of 2...
$369 billion over ten years equals $36.9 billion per year. Divided by 912,000 jobs per year equals $40,460 per job. That makes no sense.
This study talks about new jobs not net jobs so this study becomes even more ridiculous.
It's not dollar for dollar. They aren't paying the salaries.
They provide incentives for public and private spending which pushes demand.
I will never believe the data from China. Have you ever been there? You can't see let alone breathe in some of their cities. I returned from a trip a few years ago right before the pandemic and read some stats that China was doing so much to reduce emissions. I laughed after having been to a few cities that were so filled with smog and smoke from the manufacturing plants and all the folks walking around on the street with masks. On a sunny day you could not see out the windows very far at all (across the street was a stretch some days).
I totally agree we should do better, but the data from China is very hard to believe and I would encourage skepticism.
I'm not against skepticism but I think their investments in renewables are pretty clear over the last 20 years with massive solar, wind and hydroelectric projects. Their three gorges dam generation alone produces as much as 15+ nuclear plants.
China has been investing in the future.
Amazon product ASIN 1982103574
A good read that focuses on consumption which is a more important issue. If energy and resource consumption keep pace with GDP growth we will outstrip our planet. MacAfee raises a number of logical theories (for instance…need to invest in nuclear energy). Recycling plastic a waste of time because it gets exported to China and dumped into the ocean. Vertical farming can solve multiple issues from conserving water, using less fertilizer, better crop yields, mitigation of weather threats-droughts…reducing polutution and transportation costs, etc. Critical of how governments subsidize.
A good read that focuses on consumption which is a more important issue. If energy and resource consumption keep pace with GDP growth we will outstrip our planet. MacAfee raises a number of logical theories (for instance…need to invest in nuclear energy). Recycling plastic a waste of time because it gets exported to China and dumped into the ocean. Vertical farming can solve multiple issues from conserving water, using less fertilizer, better crop yields, mitigation of weather threats-droughts…reducing polutution and transportation costs, etc. Critical of how governments subsidize.
You do know healthcare is far more expensive for those in retirement than those getting it from employers? Also, that the aging population is growing extremely fast?
From 1990 to 2019 China emissions tripled.Half their energy production comes from coal plants.China accounts for 27% of global emissions vs US. 11%..Economic growth is number one priority climate change and anything else way behind growth.They are much better at creating viruses through change of function research than controlling emissions.
Agree on nuclear, and there are incentives in the bill to help promote smaller nuclear projects.
The Inflation Reduction Act Will Spawn Nuclear Energy’s Growth
The Inflation Reduction Act provides a production tax credit for existing nuclear energy units — similar to the ones received by wind and solar plants. The impact?
www.forbes.com
Electric consumption per capita peaked over 20 years ago fwiw. We got to a point where we met our needs and it started to make sense to focus on making everything more efficient.
Yes. Economic growth is the primary focus for China. Just as it was for the US as we were building our infrastructure and economy
China will build whatever type of power plant they need to meet their energy needs to meet their economic goals. No one is suggesting that isn’t true, but… they also see where the future is headed and have invested heavily in renewable energy projects over the last 20 years. They sought to dominate the industry and we watched them do it rather than leading ourselves.
They use it more, so it should be. The way our system is set up is all wrong. Me, as a healthy 30-something, shouldn't be subsidizing them given I go to the doctor once a year for a wellness checkup and maybe one or two other things along the way, knock on wood.
That said, the healthcare industry is one I would blow up completely. I don't believe anyone should pay thousands of dollars for healthcare coverage. I'm more libertarian at heart, but healthcare is one thing I believe should be guaranteed by the government and/or some sort of exclusive fund. One that is bulletproof and can't be raided by other programs. Nobody knows what the future will bring and people shouldn't go bankrupt because they get sick.
I agree with the premise, but that can't possibly get through the senate anytime soon. So in the meantime, I think it is a good thing to help control costs for people who use Medicare or purchase insurance through a public exchange.
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