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NewDEAL Applauds Success of Inflation Reduction Act

News Category: Statements and Press Releases

For Immediate Release:

August 16, 2023

Contact: Jonathon Dworkin (NewDEAL), 202-660-1340 x5, jonathon@newdealleaders.org

NewDEAL Applauds Success of Inflation Reduction Act

President Biden signed the law one year ago today

Washington, D.C. – NewDEAL released the following statement from CEO Debbie Cox Bultan marking the one year anniversary of the Inflation Reduction Act (IRA) becoming law, recognizing its impact on state and local government priorities:

“Today, the NewDEAL celebrates one year since President Biden signed the Inflation Reduction Act (IRA) into law. Lauded as the most significant investment America has ever made in clean energy, IRA has proven to be a major victory for states and localities, with communities across the nation already reaping economic and environmental benefits.

“Over the past year, nearly 80 clean energy manufacturing facilities have been announced, equal to the number announced in the last seven years combined. Communities in Colorado, Georgia, Michigan, and throughout the country are seeing investments in a range of industries, from solar panels to EV battery plants to auto manufacturing. And with those investments come good-paying jobs in small towns and cities alike.

“In addition, inflation has decreased dramatically, from more than nine percent annually a year ago to 3.2 percent this past July.

“President Biden promised to grow the country's economy from the bottom up and the middle out. And the investments spurred by the Inflation Reduction Act are doing exactly that. NewDEAL Leaders appreciate his leadership, and our network remains committed to ensuring effective federal-state-local partnerships so that America builds a stronger, cleaner economy while addressing the climate crisis at the same time.”

About the NewDEAL

The NewDEAL is a selective network of about 200 state and local officials -- statewide officials, legislators, mayors, council members, and other local leaders across the country -- who are pro-growth progressives. The organization brings together leaders focused on expanding opportunity, helping them develop and spread innovative ideas to spur economic growth that is broadly-earned and sustainable. NewDEAL’s Honorary Co-Chairs are U.S. Senator Chris Coons and U.S. Representative Marilyn Strickland.

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