Discover and read the best of Twitter Threads about #InflationReductionAct

Most recents (24)

A new report from @CreditSuisse says the #InflationReductionAct is an even bigger deal for the U.S. economy than Congress (or CBO) thinks, and is likely to spur explosive growth in American clean energy industries. @robinsonmeyer has the details… ImageImageImageImage
Key quote:
"The Credit Suisse report is truly remarkable. What stuck with me most was this declaration: For big corporations, the IRA “definitively changes the narrative from risk mitigation to opportunity capture.”"
"In other words, companies should no longer worry that they might be unprepared for future climate regulation, such as a carbon tax. They should be scared of missing out on the economic growth that the energy transition (and the IRA) will bring about."
Read 3 tweets
Virtual Power Plants (VPPs) – the aggregation of customer sited grid-enabled clean energy technologies – have been the future of the clean power grid, but due to market adoption, high capital costs, and regulatory barriers, they’ve had a limited role…
This limited role became critical in 2022 when VPPs rescued multiple state power grids (CA, TX, and NY) from failure during extreme weather events.…
The IRA will likely enable over 2.4m households to electrify, but it is not inevitable that all these electrification investments will participate in a VPP. Measured Savings Incentive (MSI) provision in the HOMES Program has the potential to create a national framework for VPPs.
Read 9 tweets
A new analysis from the Joint Economic Committee Today finds that in EVERY SENATE SWING STATE, @TheDemocrats and @JoeBiden created new manufacturing jobs over the last two years!

🧵 below of the jobs created — and savings provided — by POTUS and Dems:…
In Pennsylvania, there have been 22,400 manufacturing jobs created since @JoeBiden took office!

A vote for @JohnFetterman will make sure Democrats have the votes to keep new jobs coming.…
In Arizona, there have been 15,700 manufacturing jobs created since @JoeBiden and @CaptMarkKelly took office!

That's not to mention that Sen. Kelly's leadership in passing the Inflation Reduction Act brought down average ACA premiums in Arizona by $828.…
Read 9 tweets
.@HouseDemocrats' #InflationReductionAct delivers historic action to lower prescription drug prices for America’s seniors.
But @HouseGOP’s Extreme MAGA Agenda will repeal those lower costs –  hiking prices on seniors to give billions back to Big Pharma.…
In a major victory over Big Pharma, Democrats’ new law:

✅Finally empowers Medicare to negotiate for lower drug prices
✅ Caps seniors’ out-of-pocket drug costs at $2000 a year and insulin at $35 a month
✅ Secures free vaccines for seniors
✅ Prevents predatory price hikes
If @HouseGOP gets its way, they’ll repeal these benefits and raise prices for millions of Americans on Medicare.
This twisted logic is just another reason the House Republican extreme MAGA platform is too dangerous for America's seniors and families.
Read 3 tweets
NEW analysis out on the importance of electricity transmission expansion to unlock the full emissions reduction potential (& health benefits) of the #InflationReductionAct:…
Read on to learn why 100s of millions of tons are at stake.
First, this report does NOT model the impacts of the proposed 'permitting reform' bill being debated now. We began this work soon after finishing our analysis of IRA (…) because expanding clean electricity is THE linchpin driving emissions cuts under IRA.
Previously, REPEAT Project estimated that IRA could cut U.S. greenhouse gas emissions by roughly one billion tons per year in 2030 and reduce cumulative greenhouse gas emissions by 6.3 billion tons of CO2-equivalent over the decade (2023-2032).
Read 15 tweets
OOPS. Looks like @GOPLeader McCarthy fumbled his agenda rollout by accidentally posting the webpage of @HouseGOP’s extreme MAGA “Commitment to America” – and then scrambled to password protect the website again…

...but not before we got screenshots. THREAD Image
Screenshots that reveal @HouseGOP's "Commitment" is doubling down on an extreme MAGA agenda:

🚨Criminalize women’s health care with a nationwide abortion ban.

🚨Slash seniors’ Medicare (including repealing the lower drug prices for seniors in the IRA).

🚨Attack our democracy.
The @HouseGOP is already on record on how they intend to implement their extreme plans for a federal law to criminalize abortion in all 50 states.

166 House Rs have co-sponsored a “Life Begins at Conception” bill to criminalize all abortion after the moment of *fertilization.* Image
Read 12 tweets
Each year, #HispanicHeritageMonth honors the contributions and beautiful diversity of America’s Latino communities – from immigrants proudly embracing their new home to families whose roots predate our founding.
At every stage of America’s history, Latinos have enriched the fabric of our culture, the vitality of our democracy and the strength of our nation.
Whether on the battlefield or on the frontlines of the pandemic, in union halls or in the halls of power, Latinos’ talents and patriotism have helped forge an ever-brighter future for all Americans.
Read 6 tweets
CALIFORNIA: Final unsubsidized avg. 2023 #ACA rate changes: +5.6% (0.4 pts lower thanks to #InflationReductionAct):…
Ironically, the #IRA extending the #AmRescuePlan's enhanced #ACA subsidies will actually SAVE the federal government a bit of money in *reduced* ACA subsidies...because it's leading to slightly lower unsubsidized 2023 premiums.

AFAICT, it should save ~$61 million in CA alone.
Yesterday Connecticut also issued their final 2023 rates, specifically stating an avg. 0.7 pt reduction from the initial request specifically thanks to the #IRA passing. That's another ~$7M saved.…
Read 4 tweets
1/ 🧵 NEW Editorial.

In the latest issue of @JAMA_current, my mentor Michael Fine, Donna Washington and I were invited to discuss a new 📝 on disparities in SGLT2i and GLP1-RA use for diabetes and what it means for the field of #Pharmacoequity research.… ImageImage
2/ As has been discussed frequently over the last month with the insulin co-pay provisions in the #InflationReductionAct, >37 million people in the US have #diabetes.

Regrettably, underrepresented racial and ethnic groups folks have ⬆️ rates of diabetes.… Image
3/ Even with the ⬆️ rates of diabetes, Black, Hispanic, and Asian patients in the US have been shown to have lower rates of #diabetes treatment, especially with the newer drugs available such as SGLT2i & GLP1-RAs.


GLP1:… ImageImage
Read 8 tweets
The August jobs numbers show that America is continuing its strong & steady job growth. Under @POTUS, our nation has powered record-setting job creation: helping millions get back to work, while empowering Americans to get off the sidelines & rejoin the workforce.
This robust and ongoing jobs recovery was sparked by Democrats’ American Rescue Plan and furthered by our Infrastructure Law. Now, we are building on this momentum to lower kitchen table costs and create more opportunities for our workers.
Our CHIPS & Science Act will create good-paying jobs in American semiconductor manufacturing & technological innovation. Our #InflationReductionAct will deliver 9 million new jobs in clean energy, while slashing prescription drug costs for seniors & energy bills for families.
Read 4 tweets
'US construction costs some of highest in world for some of lowest quality, should seemingly induce some sort of innovation on cost-saving. Yet, they don't. Our building codes are overly restrictive, stifling incredible solutions found in other countries.'…
'Our narrow procurement processes do not lead to an abundance of innovation or high-performance buildings.'

so i could talk about this all friggin day (and i did, for a fair amount early this morning).
'Do not get me started on eco-districts... our zoning codes do not foster them, neither do our financing structures. Perhaps most importantly, there are virtually no incentives for them and we have no political leadership on this issue.'

omfg this was amazing.
Read 4 tweets
As August comes to an end, let's take a look back at the historic accomplishments Democrats delivered this month.

We're taking action to create jobs, lower costs, and build an economy that works for working people — not wealthy corporations.🧵
This month, @POTUS Biden signed the #InflationReductionAct into law.

This once-in-a-generation law cuts costs for families, protects affordable health care for millions, and makes the largest investment ever in cleaner, cheaper energy.…
Democrats delivered the CHIPS and Science Act to invest in American semiconductor manufacturing.

American scientists develop the cutting-edge chips powering our electronics — and we're making sure American workers manufacture them too.
Read 7 tweets
🚨Two days after announcing it would cancel large amounts of student debt, the @WhiteHouse has failed to produce either a cost estimate or a proposal for how it would be paid for. We've estimated the cost of the full plan to be ~$500 billion.

A statement from @MayaMacGuineas ⤵️
"This certainly could be one of the most expensive executive actions in history, and yet the White House can’t tell us what it will cost. Either the White House doesn’t know the cost of their debt cancellation proposal, or they know and won’t share it with the public..."
" is hard to say which is worse.

While the Administration says it can’t fully estimate the cost, it has no problem estimating how many borrowers would benefit, who they are, or how the plan will affect inflation. Even as it can’t tell us what the plan costs,..."
Read 12 tweets
📣 NEW: How much does the #IRA lower YOUR health insurance premiums? A case study in Spotsylvania County, Virginia:…
A single 26-yr old just moving off their parents healthcare plan can save up to $1,500/year in premiums thanks to the #InflationReductionAct. Image
A single parent with a young child can save up to $2,300/year in premiums thanks to the #InflationReductionAct. Image
Read 6 tweets
🚨NEW: @POTUS today announced student loan changes – including cancellation of up to $20k for some borrowers – that will cost $440–$600 billion over the next ten years.

That brings the total cost of pandemic-era student loan actions to ~$800 billion.

Today’s announcement consisted of:
➡️Broad student debt cancellation (cost: ~$𝟯𝟲𝟬 𝗯𝗶𝗹𝗹𝗶𝗼𝗻); ➡️Changes to income-driven repayment plans (cost: ~$𝟭𝟮𝟬 𝗯𝗶𝗹𝗹𝗶𝗼𝗻);
➡️Final student loan repayments extension (cost: ~$𝟮𝟬 𝗯𝗶𝗹𝗹𝗶𝗼𝗻)
Read more on each in our blog.
💰We estimate that cancellation will eliminate $550 billion of federal student loan debt.

📈However, we project that the overall amount of outstanding federal student loan debt will return to $1.6 trillion (its current level) within 𝗳𝗶𝘃𝗲 𝘆𝗲𝗮𝗿𝘀.
Read 6 tweets
🚨Today @POTUS announced his plan to cancel $10k/borrower of student debt by executive action for individuals making <$125k and up to $20k for Pell Grant recipients while extending the current repayment pause until December 31st.

A statement from @MayaMacGuineas: ⤵️
"This announcement is gallingly reckless – with the national debt approaching record levels and inflation surging, it will make both worse. Policymakers have already spent $300 billion on student debt relief—none of it paid for, and this would add another $400 to $600 billion..."
"...again, none of it paid for. This action by the White House is completely at odds with their talk of deficit reduction. It could add twice as much to the deficit as was just saved from the #InflationReductionAct, completely eliminating any deficit reduction and then some."
Read 7 tweets
This is a very good analysis, and an under-reported impact of the #InflationReductionAct: significant reduction in US fossil fuel demand.…
The climate provisions of the #InflationReductionAct can be summarized in 3 words: Deploy, deploy, deploy. Clean energy = cheap energy, and if you build it, it will run. You can't subsidize a coal plant enough to make it compete against a plant with no marginal operating cost
Moreover, the fossil fuel industry has become so fat, drunk on subsidies and stupid when it comes to market demand. Dean Wormer told us that's no way to go through life. It also makes them really vulnerable.…
Read 7 tweets
Three years ago today, @BizRoundtable unveiled its "Statement on the Purpose of a Corporation" - a commitment by its 200 member-CEOs/companies to protect the environment. Then they spent three years and millions of dollars lobbying against that goal.… 1/ The Earth seen from space, ...
ETA - If you'd like an essay-formatted version of this thread to read or share, here's a link to it on, my surveillance-free, ad-free, tracker-free blog:… 2/
Writing in The @guardian, @amlowenstein rounds up the Business Roundtable's deep-pocketed, highly effective lobbying campaign, which has crushed numerous climate initiatives in the US, possibly dooming the human race to extinction.… 3/
Read 27 tweets

It is *really* important to understand this new #FalconCurve paper.

A short thread with 3 key takeaways
1. Seasonally, building energy demands vary by a factor of 1.6x. Most current plans for decarbonizing buildings do not take this seasonal variation into account.
2. If all buildings convert to electricity, electricity demand will switch from peaking in the summer to peaking in the winter. To handle this demand will require a massive buildout of renewable energy and seasonal energy storage.
Read 7 tweets
For all of its benefits, the #InflationReductionAct missed🔑fixes to more definitively remove the incentive for large multinationals to shift profits offshore or erode the U.S. tax base. The U.S. must continue to prioritize int'l tax reform...🧵1/15…
The #InflationReductionAct included a 15% corporate alternative minimum tax (CAMT) for the world's largest corporations. However, CAMT is not the 15% global minimum corporate tax agreed to by 137 jurisdictions at the OECD in October 2021 (Pillar 2). 2/…
Unlike Pillar 2, CAMT doesn't apply on a country-by-country basis. Instead, CAMT requires an average global tax rate equal to 15%. This ⬆️ incentive to shift profits into tax havens and investments away from the 🇺🇸, which has a statutory 21% corp. rate. 3/…
Read 15 tweets
With #InflationReductionAct, big climate legislation is now law. It happened, in great part, because of grassroots political will, which CCL provided.

Read the saga of how this miracle happened & CCL's role in this wild roller coaster ride!

🧵 follows…
The climate bill that died in 2010 was the product of an “inside the Beltway” process that produced a policy that few people in the general public understood. Support from constituents was lacking, and it was easy for lawmakers to walk away with no fear of repercussions.
This time around, when negotiations went off track several times, lawmakers did not walk away. They knew what this legislation meant to their constituents. They could no longer kick the can down the road and give the people they represent the same old excuse: “It was too hard.”
Read 30 tweets
.@POTUS just signed into law Democrats’ #InflationReductionAct.

This historic legislation will lower kitchen table costs, create good-paying jobs, deliver the most significant action on climate in history while reducing the deficit.

Here’s what it means for you:
If you’re a senior: the #InflationReductionAct slashes your prescription drug costs.

By empowering Medicare to negotiate drug prices, preventing excessive price hikes faster than inflation and capping out-of-pocket costs to $2,000 per year, you'll keep more money in your pocket.
If you’re one of the 13 million working Americans with an affordable plan under the ACA: The #InflationReductionAct will keep saving you an average of $800/year.

This new law locks in lower health care premiums, so you’ll be able to keep your coverage and save on health costs.
Read 8 tweets
@POTUS just signed into law the historic #InflationReductionAct. I was proud, after a lot of hard work, this legislation included many of the priorities which I have championed for years. 🧵
$3 billion to electrify the Postal Service delivery fleet.

$975 million to support the deployment of emerging and sustainable technologies to help reduce emissions and cut costs for taxpayers.
$25 million to track the labor, equity, and environmental standards and performance of the Inflation Reduction Act.

$25 million to support implementation and track the equitable distribution of the economic, social, and environmental impacts of the funds.
Read 4 tweets
Biden will sign the #InflationReductionAct into law a bit later today.

Some of @gridnews coverage of the bill and what it means:

First, @MaggieSeverns and I looked at some of the consumer rebates and tax incentives related to energy and health care:…
Also, @evolambert and @MaggieSeverns looked at what's in the bill specifically to bring prescription drug prices down:…

Then @evolambert also wrote about how the cap on insulin for those under private insurance is NOT in there:…
It's not *in* the bill, but I also looked into what passing huge domestic climate legislation would mean for international climate negotiations:…
Read 4 tweets

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