WASHINGTON — On its first anniversary Wednesday, President Joe Biden extolled the Inflation Reduction Act, a signature part of his economic agenda that has figured prominently in his speeches across the country in recent months.
Speaking from the East Room of the White House, Biden called the major climate, health and tax measure “one of the most significant laws that I think has ever been enacted," arguing that it has taken on special interest groups and is "winning.”
“Bidenomics is anchored in what’s always worked best for the country: investing in America, investing in Americans,” Biden said, using a word the White House has embraced to encompass his economic agenda. “Because when we invest in ourselves, when we strengthen the middle class, we see stronger economic growth that benefits everybody.”
The IRA passed on party-line votes last summer and was signed into law Aug. 16, 2022. In his 27-minute speech Wednesday, Biden took aim at Republicans for their unanimous opposition to the legislation.
“It fell entirely to Democrats to deliver it," he said, adding later that "all we hear" from Republicans is "what they claim is what's wrong with America."
“They’re telling us America’s failing," Biden said. "They’re dead wrong.”
Republicans across the board have criticized Biden's economic policies. Former President Donald Trump, who is the front-runner in the polls for the GOP presidential nomination, renewed his attacks in a video Wednesday.
“Any numbers you see that are economically positive in the Biden administration are because they’re running on the fumes of what we created years prior to their taking office,” Trump said.
A White House fact sheet asserted that the IRA is “delivering billions of dollars to protect communities from the impacts of climate change, and millions of seniors are saving money because their insulin is capped at $35 per month.”
The White House also said the “private sector has announced more than $110 billion in new clean energy manufacturing investments” since the bill was signed into law.
Biden highlighted the impact of his agenda on energy security Wednesday, saying China had "for years" dominated the clean energy supply chains. Now, he said,"we are building it here and sending the product over there."
Talking about the yearslong effort to give Medicare the authority to negotiate lower drug prices, he joked about his age.
"I know I don’t look it, but I’m around, I've been around for 400 years," said Biden, 80. "And I’ve been fighting pharma on this since the 1970s,” he said. “No, not a joke. This time we finally beat Big Pharma.”
A notable absence at Wednesday’s White House event was Sen. Joe Manchin, D-W.Va., who played a key role in crafting the measure. Manchin also found himself the target Wednesday of a Republican outside group that launched a digital ad buy against him over the IRA.
Biden has promoted his economic agenda at campaign-style events in recent months. On Tuesday, he highlighted his administration's accomplishments in a speech in Milwaukee, a week before the city hosts the first GOP presidential primary debate.
