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The Revolutionary Climate Bill and its Rough History

As we’re rapidly approaching the midterm elections, the Senate may also be approaching a decision on a bill encompassing climate control, tax reforms, and prescription drug costs. The bill resembles one introduced by President Biden in the fall of 2021 called the Build Back Better Act but is on a smaller scale thanks to two Democratic Senators: Joe Manchin and Kyrsten Sinema. Biden’s original act was shot down by the two Senators, who were its deciders due to the incredibly slim Democratic majority in the Senate. At the time, they cited concerns over the bill’s cost and scope which were not reduced to their preferences.

Early last week Manchin and Majority Leader Chuck Schumer released a collaborative package titled The Inflation Reduction Act of 2022, which proposes investments into domestic energy production and providing tax credits for clean energy usage. The Act has been referred to as “the biggest climate bill in history” but also aims to close tax loopholes and lower the cost of prescription drugs. It has been boldly predicted that the measures in the bill would reduce carbon emissions by 40% by 2030 and reduce the federal deficit by $300 billion. Democrats hope to pass the Act through both houses of Congress within the coming weeks.

There’s so much to be worried about right now– between inflation, climate change, healthcare costs, poverty, homelessness… the list goes on. However, the bill proposed by Senators Schumer and Manchin could do quite a bit to tackle at least the first three major issues. We’ve known that climate change was a problem for decades, and as the country with the second highest carbon emissions, we must take strong legislative action to protect our planet. The Inflation Reduction Act takes a meaningful step toward this objective by focusing its efforts on the largest polluters: corporations. Offering tax credits for engaging in sustainable practices will prompt them to reduce their emissions and pave the way for more environmentally conscious production plans.

The question isn’t whether the bill is necessary, but instead who will agree that it’s necessary. As a planet, we are running out of time to reverse– or even slow– the catastrophic consequences that climate change will bring. In times like these, it’s important to pass effective legislation while Democrats hold a majority (no matter how slim) in Congress and the Presidency. This will require congressional moderates to choose a side: will they stay in the past, or look to the future?

The Inflation Reduction Act appears to be able to pass the Senate. The new bill will be a wholly democratic bill without support from the GOP. Republican senator, Mitch McConnell, has stated that the bill will crush American families. The bill was drafted and proposed after a bipartisan bill for $280 billion on the Chips and Science Act was passed. Republicans wrongly hoped this bipartisan bill would stave off a climate change bill(Wilson).

The Inflation Reduction Act would spend $370 Billion on clean energy(Benshoff). It will provide research on climate change and well.$60 billion will go to the domestic manufacture of clean energy components(Benshoff). According to Manchin, one of the bill’s cofounders, the bill would be the “single largest federal clean energy investment in U.S. history” and would “keep us in the climate fight”(Benshoff). The bill plans to pay for itself by increasing taxes for corporations with a minimum of a 15% tax implemented. This is in addition to allowing Medicare to negotiate the price of medication and put a cap on the out-of-pocket costs for elderly and disabled Americans.

It is unclear if these options would fully pay for the bill which is the main concern of most conservatives who fear it will worsen inflation and negatively impact the economy. Republican Senator Marsha Blackburn has claimed this offshoot of Biden’s Build back better bill will be detrimental to the U.S. stating. She stated the “Build Back Broke is going to bankrupt America”(Sabes). This is shown in the rate of inflation which reached a high of 9.1% in June which republicans have blamed on excessive government spending(Nelson). The bill still needs to pass parliamentary procedure as well as the house of representatives before it can be signed into law by President Biden so it is unclear if it will be implemented before the end of summer if at all.

I thought I was shocked last week when Republicans supported protecting gay marriage, but the fact that Joe Manchin did something useful to the progressive cause has me stunned. Not only did he quit fighting his own party on basic and sensible reforms, but he helped form what will be the largest climate bill to reach the floor for a vote. I would argue that it doesn’t go as far as it should considering the incredible amount of danger that we’re in regarding climate change, but at least it’s something. Corporations are the largest source of emissions without contest, and speaking to them in the only language they understand– that being money– was a smart move.

The other parts of the bill are similar to the provisions addressing climate control: they’re something, but don’t go far enough. Take the objective of lowering prescription drug costs for example. Yes, prescription drug costs are disgustingly high, but so is everything in American healthcare because we don’t have universal healthcare or a single-payer system like nearly every other developed country. As far as the tax provisions go, yes the tax loopholes need to be closed but that won’t make a dent in the atrociously high amount of wealth inequality in the United States.

When all is said and done, however, it’s a good sign that one of the least liberal Senators has supported a bill of this scope. Passing the Inflation Control Act of 2022 is certainly a step in the right direction, we just have to make sure it’s not the only one

Written by Ashlyn Hill

The Inflation Reduction Act should aim to become more bipartisan.It is high past time for the government to pass significant legislature to help the American people during this time of unprecedented inflation. This idea of using one parties majority is not in line with what the forefathers wanted. The two parties are supposed to compromise together to create legislation that is representative of the people and best serves the American people. There are many great aspects of this bill, including the cap on the cost of medications for elderly and disabled Americans on Medicaid, yet there are drawbacks too. We must protect our most vulnerable but not at the cost of bankrupting ourselves.

If congress were to use republican financial precaution in congruence with democratic social ideals, then a better more representative bill would be created. There is a middle ground but both sides are being exceedingly stubborn about crossing it. With the midterm elections on the horizon, a bipartisan bill might make reelection easier or at the very least usher in a new era of compromise. The Inflation reduction act is already a revision of the Build back better bill and has gained support by dialling back some of the more extreme ideas within it. Another revision would only better the bill although it seems unlikely one will happen given the fact that the Democrats have the ability to pass the bill without GOP aid.

Written by Alexis Walker

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