ONE YEAR LATER: Democratic Party of Wisconsin on the Inflation Reduction Act

Aug 16, 2023

ONE YEAR LATER: Democratic Party of Wisconsin on the Inflation Reduction Act

MADISON, Wis.On the first anniversary of President Biden signing the Inflation Reduction Act into law, Democratic Party of Wisconsin Executive Director Devin Remiker released the following statement:

“Last year, President Biden and Senator Baldwin took on Big Pharma and ultra-wealthy special interests and won a historic victory for the American people when they passed the Inflation Reduction Act—without the support of a single Wisconsin Republican in Congress. Today marks one year since the historic legislation became law, and it’s doing exactly what it promised: lowering health care and prescription drug costs for families, combating the climate crisis, and bringing new jobs home to Wisconsin. Now, the progress we’ve made is all at stake again in 2024. MAGA Republicans have pledged to roll back the Inflation Reduction Act and increase costs for Wisconsin families. It’s critical that we reelect President Biden and Vice President Harris, Senator Baldwin, and Democrats down the ticket next year to not only finish the job, but continue building on the achievements we’ve made for the American people.”

Here’s how the Inflation Reduction Act is delivering for Wisconsinites:

  • 1.2 million Wisconsin seniors and other Medicare beneficiaries will save money on prescription drug costs because of President Biden’s caps on out-of-pocket prescription drug and insulin costs, free vaccines, inflation rebates, and drug price negotiation program.
  • The Inflation Reduction Act extended the eligibility for health insurance passed in the American Rescue Plan, ensuring that 43,000 more Wisconsinites have access to affordable health insurance in 2023 than would have without the bill.
  • In 2021, there were already 71,370 Wisconsin workers employed in clean energy jobs, and the Inflation Reduction Act is expanding those job opportunities. Under the Biden-Harris Administration, private companies have announced plans to invest more than $3 billion to grow Wisconsin’s clean energy industry.
  • Wisconsin families are eligible for $149.4 million in home energy rebates to help cut energy costs by weatherizing their homes and replacing old appliances with more efficient models.
  • Wisconsin is home to over 460,000 small businesses, representing over 99% of all businesses in the state, and the Inflation Reduction Act will help them save money through tax credits that support the transition to clean energy practices.
  • The Inflation Reduction Act supports climate-smart agricultural practices, which will help Wisconsin’s over 64,000 farms lead on climate solutions, preserve farmland, and keep Wisconsin strong.
  • The Inflation Reduction Act will upgrade affordable housing, helping thousands of Wisconsinites to boost resilience in the face of intensifying severe weather.