What the Inflation Reduction Act means for climate change, health care

Now that Sen. Joe Manchin has signaled his support, the Inflation Reduction Act of 2022 is back on track in Congress. More than a short-term response to inflation though, this bill has the potential to become the boldest move the US has ever made against climate change and will bring real benefits to Minnesotans. Assuming, of course, that it survives votes and procedural challenges in both houses with little or no support from Republicans.

The “Inflation Reduction Act” title itself is really a bit of political theater; the bill is really a complex package of new spending and tax credits for energy and climate initiatives, combined with some health care investments, funded by tax reforms and drug cost savings for a net positive return estimated to exceed $300 billion over the next decade.

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