president Joe Biden’s remarks on inflation reduction act 2022

President Joe Biden’s Remarks on Inflation Reduction Act 2022

The growing US inflation is making it difficult for the nation to survive. Here are president Joe Biden’s remarks on inflation reduction act 2022.

Yesterday I spoke with both Senator Schumer imagined and offered my support for historic agreement, fight inflation, and lower costs for American families. It’s called the inflation Reduction Act of 2022. So we will see a lot of similarities between to go back better and issues not all of them. We’ve moved along way. I’ll be going into detail in a minute but simply put, the bill will lower health care costs for millions of Americans, and they will leave and it’ll be the most important investment, not hyperbole, the most important investment we’ve ever made in our energy security, and developing cost savings and job creating clean energy solutions for the future. It’s a big deal. Also, for the first time in a long time, began to restore fairness to the tax code, began to restore fairness by making the largest corporate donations of large corporations Americans pay their fair share, without any new taxes on people making under $400,000 a year.

Experts even some experts who have criticized my administration in the past agreed that this bill, this bill will reduce inflationary pressures on the economy. This Bill will in fact reduce inflationary pressure on the economy. It’s a bill that cost will cut your cost of living and reduce inflation for lowers the deficit and strengthens our economy for the long run as well. This has won a supportive Climate Leaders like former Vice President Al Gore, said the bill is quote, long overdue an unnecessary step. To ensure the United States takes decisive action on the climate crisis that helps our economy and provides leadership for the world by example.

Inflation hawks, like former Secretary of Treasury, Larry Summ`ers said quote this bill is fighting inflation. Progressively, there’s like, Senator Elizabeth Warren said, quote, this is a bill that truly is about fighting inflation, bringing down the cost for families, and putting our country on a sounder economic footing.

Here’s how it works.

First, the bill finally delivers on the promise that Washington has made for decades to an American people were giving Medicare or giving Medicare, the power to negotiate for lower prescription drug prices. This means seniors and consumers will pay less for their prescription drugs. Medicare will save in the process about $290 billion. And in addition, it also changes the circumstances for people on Medicare by putting a cap of a maximum $2,000 a year, i.e. they have to pay no more than $2,000 a year no matter how many prescriptions they have. For all the prescription drugs, which is especially important for people with cancer and long term diseases. It’s a godsend and literally a godsend for many families.

Second, Bill locks in place lower health care premiums for the next three years for billions of families that get coverage under the Affordable Care Act. They will be made an average savings of $800 a year for 13 billion people.

Third, it invest $369 million, added I call for 500 Plus, but invest $369 billion to secure energy future and to address the climate crisis, bringing down family energy bills by hundreds of dollars by providing working families tax credits. It gives folks rebates why to buy new and efficient appliances to weatherize their homes and tax credits for heat pumps and rooftop solar. It also gives consumers a tax credit to buy any electric vehicle or fuel cell vehicle newer used. A tax credit for up to $7,500 if those vehicles were made in America, this investment in environmental justice is real and also provides tax credits that will create 1000s of good paying jobs, manufacturing jobs, and clean energy construction projects, solar projects, wind projects, clean hydrogen projects, carbon capture projects, and more by giving tax credits for those who build these projects here in America.

Let me be clear, this bill would be the most significant legislation in history to tackle the climate crisis and improve our energy security right away. Now give us a tool to meet the climate goals that are set that we’ve agreed to. By cutting emissions and accelerating clean energy, a huge step forward for bill requires the largest corporations to begin to begin to pay toward their fair share of taxes by putting in place, a 50% corporate minimum tax.

I know you’ve never heard me say this before. Come as a shock to you but 55 of the Fortune 500 companies pay no federal income tax in 2020. Now you only heard me say that about 10,000 times. But the fact is, they paid no taxes on a collecting income over $14 billion. Well guess what this bill ends. It’s good. They’re going to have to pay a minimum of 50% tax on that 40 billion or whatever the number turns out to be.

Fifth, this package will reduce the federal deficit by over $300 billion. Already on my watch! Deficits come down in my first year by $350 billion and a record $1.7 trillion, the end of this fiscal year. This bill is going to keep that progress going. Yes, I’ll say it again this legislation will bring down the deficit.  

Six, I want to make sure this bill will not raise taxes. Anyone making less than $400,000 a year, I promise I made during the campaign and one wish that I had that I’ve kept. I know it can be sometimes seem like nothing gets done a motion never crossed any of your minds but the work of the government can be slow and frustrating and sometimes even infuriated.

Then the hard work of hours and days and months from people who refuse to give up pays off. History has made, lives are changed. With this legislation, facing up to some of our biggest problems and we’re taking a giant step forward as a nation. That didn’t just happen on this inflation reduction bill. It also happened yesterday when the Senate made the bipartisan decision as a nation to invest in America’s manufacturing technology of semiconductors and the additional funding for basic research and development in the cutting edge industries of the 21st century.

House passes this bill, I want to thank the Speaker Pelosi I think she’s going get done real leadership here. It has it has added to the benefit as the added benefit of creating 10s of 1000s of additional good paying jobs, lowering inflation. You have some ability, the ability not only to compete with China for the future, but to leave the world and win the economic competition of 21st century.

You’ve heard me say 1000 times, we have to invest in research development and growth. I hope that the house is going to pass this bill today. I suggest put politics aside, get it done. We need to lower the cost of automobiles, appliances, smartphones, consumer electronics, and so much more. And you can’t do it, all these things are powered. Most everything in our lives is powered by the semiconductors and tiny computer chips, the size of the fingernail. We should pass this today and get moving. I know the compromise on the inflation bill doesn’t include everything that I’ve been pushing for since I got to office. For example, I’m going to keep fighting for in the future to bring down the cost of things for working families and middle class families that matter by providing, for affordable accessible things like affordable childcare, affordable elder care, preschool, the cost of preschool housing, keeping students with the car, helping students with the cost of college, closing healthcare coverage gap. Now it’s a fancy way of saying healthcare coverage gap, expanding Medicaid in states that refused to do it and more.

This bill is far from perfect. It’s a compromise. But it is it’s often how progress is made by compromises. And the fact is that my message to Congress is this. This is the strongest bill you can pass to lower inflation, cut the deficit, reduce health care costs, tackle the climate crisis, and print and promote energy security all the time while reducing the burdens facing working class and middle class families. So passive asset for the American people. Assets for America more to say in this later.

I want to thank leader Schumer and Joe Manchin Senator for the extraordinary effort it took to reach this result.

He also spoke about GDP

And let me speak to one other issue that is GDP and whether or not we are in a recession. Chairman Powell, and many of the significant banking personnel and economist say we’re not in recession. Let me just give you what the facts are in terms of the state of the economy.

Number one, we have a record job market of record unemployment of 3.6%. Today, we’ve created 9 million new jobs so far this has become president. Business or investing in America at record rates at record rates. Foreign businesses like SK and others are investing in America. Hundreds of millions and trillions of dollars some total. 100 billion dollars in semiconductor investments already by Intel, Samsung, and Texas estimates. More than 100 billion on electric vehicle battery investments by Ford, General Motors, Honda, Tesla, more. And just last week is SK Corporation, now some $22 billion dollars in new investment in semiconductor batteries, chargers, and medical devices created another 16,000 jobs here in America. And this is probably the strongest rebound in American manufacturing in over three decades, between 613,600 manufacturing jobs. Passing the chip bill is going to put another $72 billion for incentives and tax credits to expand conductor production. And the inflation Reduction Act will add another $370 billion in clean energy tax credits in reconciliation, including incentives to accelerate domestic production of solar panels, wind turbines, batteries, and critical materials processing. That doesn’t sound like recession we’re not heading towards recession!