President Joe Biden is back from his beach vacation to sign into law the Inflation Reduction Act of 2022, which is easily the biggest step the USA has ever taken to address climate change. Just a reminder: The climate provisions in this bill have their roots in the climate proposal put forward by Jay Inslee, so this isn’t a hastily chosen bag of tax credits, it’ was put together by very earnest climate experts — and congressional aides, same thing almost — who know their climate stuff. This sucker is going to substantially reduce US greenhouse emissions and create new clean energy industries. (Yes, gonna make you listen to another podcast, unless you’re Rebecca, who ain’t got time for that.)
In addition to the climate stuff, which includes new tax credits to purchase electric vehicles (it was better before Joe Manchin loaded in a bunch of “buy American” limits, but it’s still good), the bill also includes the first ever authorization for the government to negotiate prescription drug prices for Medicare, a cap on annual out-of-pocket expenses for seniors on Medicare Part D, premium subsidies for folks who get insurance through Obamacare, and a co-pay limit of $35 per month for insulin for folks on Medicare. We’re sure Joe will mention that Republicans in the Senate killed a provision that would have applied the same cap for anyone with private health insurance, too. (Get mad, Joe. It’s infuriating.)
Let’s all watch the actually historic moment on yr WonkTV! If he unfurls a banner reading “LET’S GO BRANDON” every Wonkette reader gets a free “beer.” (He will not.)
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