President Joe Biden signed the Inflation Reduction Act of 2022 (IRA) into law on Aug. 16. The law is a major accomplishment for Democrats, who have been struggling for months to pass Biden’s ambitious social and climate policies, as well as his vision to raise taxes on the rich. The legislation includes large investments in making health care and prescription drugs more affordable, fighting climate change and taxing wealthy corporations.
While its name claims it will tame soaring inflation, estimates show that the IRA likely won’t do much to reduce inflation.