Biden touts Inflation Reduction Act on first anniversary

FROM：REUTERS   By Trevor Hunnicutt and Jarrett Renshaw

WASHINGTON, Aug 16 (Reuters) - U.S President Joe Biden on Wednesday used the first anniversary of his signature Inflation Reduction Act to pitch the landmark clean-energy law as an economic powerhouse to a public that remains largely unaware of its contents.

 The wide-ranging law provides billions of dollars in tax credits to help consumers buy electric vehicles and companies produce renewable energy, as Biden aims to decarbonize the mighty U.S. power sector. It also helps seniors pay for prescription drugs, expands some elements of Obamacare and raises taxes on wealthy Americans and corporations.

Biden, speaking at a White House ceremony, said the legislation already created 170,000 clean energy jobs and will create some 1.5 million jobs over the next decade, while significantly cutting the nation's carbon emissions.

The legislation, Biden said, has shifted production of critical components away from China and into the United States.

INVESTORS, US COMPANIES LOVE IT

Wall Street analysts say the legislation has shown early signs of its economic power and predicted it will eventually lead to billions of dollars in new investments and thousands of new jobs.

While the biggest impacts will begin in 2024 and 2025, there have been more than 270 new clean energy projects announced since its passage, with investments totaling some $132 billion, according to a Bank of America analyst report

In a report on Tuesday, Moody's said the legislation is likely supporting growth in gross domestic product, productivity and innovation.

"Over the past year, there have been signs that the legislation is contributing to a surge in clean energy manufacturing and related industries such as semiconductors, and factoring into companies' investment decisions, including in the auto, utilities and oil and gas sectors," Moody's said.