Ahead of One-Year Anniversary, Budget Democrats Release Report Highlighting Historic Impact of the Inflation Reduction Act

Aug 15, 2023

WASHINGTON, DC — Today, the Democratic Staff of the House Budget Committee released a report detailing how the Inflation Reduction Act has been lowering costs, creating jobs, and unleashing cleaner, cheaper energy since it was signed into law on August 16, 2022. 


The report highlights how the Inflation Reduction Act is reducing insulin costs for Medicare beneficiaries, cutting health insurance costs, reinvigorating American manufacturing, and protecting the health of future generations — all while reducing the deficit and ensuring the wealthy and large corporations start paying their fair share in taxes. These once-in-a-generation investments are contributing to our historic economic recovery and setting the stage for a new era of strong, sustainable, and broadly-shared economic growth.  


With the American Rescue Plan, the Infrastructure Investment and Jobs Act, the CHIPS and Science Act, and the Inflation Reduction Act, President Biden and Congressional Democrats are delivering a Made-In-America, pro-worker agenda that will fuel our economy and empower the middle class for years to come.  


The text of the report, The Inflation Reduction Act One Year Later: Lower Costs, Cleaner Communities, Greater Opportunity, is available here and a PDF can be found here.