Center for American Progress

STATEMENT: The Inflation Reduction Act Is a Historic Investment in the Planet, the Economy, and the American People, Says CAP’s Patrick Gaspard
Press Statement

STATEMENT: The Inflation Reduction Act Is a Historic Investment in the Planet, the Economy, and the American People, Says CAP’s Patrick Gaspard

Washington, D.C. — Today, the U.S. Senate passed the Inflation Reduction Act. Following the vote, Patrick Gaspard, president and CEO of the Center for American Progress, issued the following statement:

Today, Senate Democrats—without a single Republican vote—made a historic investment in the planet, the economy, and the American people. The Inflation Reduction Act brings down costs on some of life’s biggest non-negotiable expenses: prescription drugs, health care, and energy—answering President Joe Biden’s call to fight inflation. On its own, the Inflation Reduction Act is one of the most significant pieces of economic and climate legislation in a generation. But along with the bipartisan infrastructure law and the CHIPS and Science Act, it is part of a transformative economic package that will support inclusive economic growth and millions of good-paying jobs for decades to come.

Thanks to the Inflation Reduction Act, seniors in places such as Ohio and Arizona will be able to afford lifesaving prescription medicines; a young entrepreneur just starting out in Montana or Georgia will be able to provide affordable health care for their family; and all 330 million Americans will benefit from lower energy costs, more breathable air, and an economy better insulated from the shocks of climate change. Notably, this is largely paid for by restoring fairness to the tax system by closing loopholes that have allowed wealthy tax cheats to avoid paying their fair share for too long.

Many of the policies in the Inflation Reduction Act have been talked about and fought for for decades. Today, Senate Democrats, led by Senate Majority Leader Chuck Schumer (D-NY), made these dreams a reality with the narrowest of political margins. In doing so, Senate Democrats dealt a powerful blow to Big Pharma, Big Oil, and their K Street lobbyists. Now, it’s incumbent on the House to quickly take up and pass the Inflation Reduction Act; the American people are waiting.

For more information or to speak to an expert, contact Julia Cusick at jcusick@americanprogress.org.