{"id":9001,"date":"2022-10-01T23:58:30","date_gmt":"2022-10-01T23:58:30","guid":{"rendered":"http:\/\/lonecandle.com\/?p=9001"},"modified":"2022-10-01T23:58:30","modified_gmt":"2022-10-01T23:58:30","slug":"what-could-the-inflation-reduction-act-mean-for-you","status":"publish","type":"post","link":"https:\/\/lonecandle.com\/?p=9001","title":{"rendered":"What could the Inflation Reduction Act mean for you?"},"content":{"rendered":"\n

\n\n“One big question is whether a bill called the Inflation Reduction Act will lower the decades-high inflation numbers<\/a> that consumers are feeling at the grocery store and the gas pump.<\/p>\n\n\n\n

As economists told Vox\u2019s Li Zhou<\/a>, the average American likely won\u2019t feel the impact immediately or particularly significantly \u2014 its effect will be in a longer-term and macroeconomic sense.<\/p>\n\n\n\n

\u201cFor the most part, this isn\u2019t a bill about 2022,\u201d Marc Goldwein, thesenior policy director at the Committee for a Responsible Federal Budget, told Vox. \u201cThis is about 2023, 2024, 2025. It\u2019s about helping the Federal Reserve to fight against persistent inflation. It\u2019s not gonna be bringing down the inflation rate in the month of September.\u201d”<\/p>\n\n\n\n

…<\/p>\n\n\n\n

“the bill will allow Medicare to negotiate for cheaper prescription drug prices for certain very expensive medications and cap out-of-pocket prescription costs for Medicare beneficiaries at $2,000 per year. That unprecedented measure will lower the cost for consumers. A further measure requires pharmaceutical companies to pay a rebate to Medicare if they raise drug prices faster than inflation increases, NPR reported<\/a> \u2014 presumably disincentivizing those companies from repeated price increases.”<\/p>\n\n\n\n

…<\/p>\n\n\n\n

“In addition to cementing Medicare\u2019s new negotiating power, the bill also holds insurance subsidies for the Affordable Care Act through 2025, making health insurance more affordable for the millions of people who are insured through the health care marketplace. The initial subsidies were supposed to end this year, which would have meant increased premiums for the millions of people who qualified for free health insurance<\/a> when Congress eliminated the income cap to qualify for federal assistance paying premiums.<\/p>\n\n\n\n

The IRA also includes the largest-ever investments in climate change mitigation efforts, clean energy production, and climate justice programs, all designed to mitigate harmful effects of climate change in underserved areas.”<\/p>\n\n\n\n

…<\/p>\n\n\n\n

“While much of the financial incentives for pursuing clean energy and climate change mitigation are geared toward companies, there are rebates and tax credits available for people buying clean energy sources like heat pumps and rooftop solar panels<\/a>. Those measures are aimed at making clean energy more available to more people, although solar panels, for example, cost about $11,000 in 2021<\/a> for a household setup.<\/p>\n\n\n\n

The legislation also offers a $4,000 tax credit for low- and middle-income drivers to buy a used electric vehicle, and up to $7,500 for a new electric vehicle. Additionally, a study by the Rhodium Group<\/a> estimates that the bill\u2019s provisions will save households an average of $1,025 per year by 2030.” <\/p>\n\n\n\n

…<\/p>\n\n\n\n

“Even though all of these measures are in place, there is no question that the environmental actions and funding aren\u2019t enough. The bill provides far less than what\u2019s actually needed: a total system overhaul. It will be years before these programs will be implemented and pay off in the form of lower greenhouse gas emissions, better health outcomes for low-income communities, and improved clean energy infrastructure. However, it\u2019s hard to deny that the IRA provides a glimmer of hope that it\u2019s possible to start addressing some of the most pressing problems \u2014 including overwhelming health care costs and climate change.”<\/p>\n\n\n\n

https:\/\/www.vox.com\/2022\/8\/7\/23295645\/inflation-reduction-act-impact<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

“One big question is whether a bill called the Inflation Reduction Act will lower the decades-high inflation numbers that consumers are feeling at the grocery store and the gas pump.
\nAs economists told Vox\u2019s Li Zhou, the average American likely won\u2019t feel the impact immediately or particularly significantly \u2014 its effect will be in a longer-term and macroeconomic sense.<\/p>\n

\u201cFor the most part, this isn\u2019t a bill about 2022,\u201d Marc Goldwein, the senior policy director at the Committee for a Responsible Federal Budget, told Vox. \u201cThis is about 2023, 2024, 2025. It\u2019s about helping the Federal Reserve to fight against persistent inflation. It\u2019s not gonna be bringing down the inflation rate in the month of September.\u201d”<\/p>\n

…<\/p>\n

“the bill will allow Medicare to negotiate for cheaper prescription drug prices for certain very expensive medications and cap out-of-pocket prescription costs for Medicare beneficiaries at $2,000 per year. That unprecedented measure will lower the cost for consumers. A further measure requires pharmaceutical companies to pay a rebate to Medicare if they raise drug prices faster than inflation increases, NPR reported \u2014 presumably disincentivizing those companies from repeated price increases.”<\/p>\n

…<\/p>\n

“In addition to cementing Medicare\u2019s new negotiating power, the bill also holds insurance subsidies for the Affordable Care Act through 2025, making health insurance more affordable for the millions of people who are insured through the health care marketplace. The initial subsidies were supposed to end this year, which would have meant increased premiums for the millions of people who qualified for free health insurance when Congress eliminated the income cap to qualify for federal assistance paying premiums.<\/p>\n

The IRA also includes the largest-ever investments in climate change mitigation efforts, clean energy production, and climate justice programs, all designed to mitigate harmful effects of climate change in underserved areas.”<\/p>\n

…<\/p>\n

“While much of the financial incentives for pursuing clean energy and climate change mitigation are geared toward companies, there are rebates and tax credits available for people buying clean energy sources like heat pumps and rooftop solar panels. Those measures are aimed at making clean energy more available to more people, although solar panels, for example, cost about $11,000 in 2021 for a household setup.<\/p>\n

The legislation also offers a $4,000 tax credit for low- and middle-income drivers to buy a used electric vehicle, and up to $7,500 for a new electric vehicle. Additionally, a study by the Rhodium Group estimates that the bill\u2019s provisions will save households an average of $1,025 per year by 2030.” <\/p>\n

…<\/p>\n

“Even though all of these measures are in place, there is no question that the environmental actions and funding aren\u2019t enough. The bill provides far less than what\u2019s actually needed: a total system overhaul. It will be years before these programs will be implemented and pay off in the form of lower greenhouse gas emissions, better health outcomes for low-income communities, and improved clean energy infrastructure. However, it\u2019s hard to deny that the IRA provides a glimmer of hope that it\u2019s possible to start addressing some of the most pressing problems \u2014 including overwhelming health care costs and climate change.”<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13],"tags":[905,105,542,217,165,104,1316,200,906],"class_list":["post-9001","post","type-post","status-publish","format-standard","hentry","category-article-share","tag-bill","tag-climate-change","tag-congress","tag-economics","tag-economy","tag-global-warming","tag-inflation","tag-law","tag-legislation"],"_links":{"self":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/9001","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9001"}],"version-history":[{"count":1,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/9001\/revisions"}],"predecessor-version":[{"id":9002,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/9001\/revisions\/9002"}],"wp:attachment":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9001"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9001"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9001"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}