President Joe Biden marked the anniversary of one of his signature pieces of legislation on Wednesday – the so-called Inflation Reduction Act – calling it "one of the biggest drivers of jobs and economic growth this country has ever seen."
It comes as the administration is in a dash to explain to the American public how the sprawling climate, health care and tax bill is impacting their lives.
Among the bill’s provisions are a $35 per month cap on insulin for Medicare recipients, reforms to allow Medicare to negotiate drug prices for certain medications, increased tax enforcement and a 15% corporate minimum tax rate, as well as the largest-ever federal investment to fight climate change. It passed both the Democratic-controlled House and Senate last year without any Republican support.
The president was joined by by union workers, farmers and business owners – people the White House says are directly benefiting from the Inflation Reduction Act – at the White House on Wednesday to officially mark a year since Biden signed the bill into law.
“We’re investing in all of America — in the heartland, and coast to coast,” Biden declared.
Two leaders who ushered the bill through their respective chambers of Congress – Senate Majority Leader Chuck Schumer and former House Speaker Rep. Nancy Pelosi – spoke before the president at Wednesday’s East Room event.
“Mr. President, this is your day. This is your day,” Pelosi said, calling the legislation “monumental.”
Wednesday’s ceremony follows a monthslong, full-force effort from the administration to convince the public Biden’s economic agenda – dubbed “Bidenomics” – is working.
Top officials and Biden himself have fanned out across the country to talk about the president’s legislative wins – specifically the Inflation Reduction Act, bipartisan infrastructure law and a massive bill that bolsters production of semiconductor chips – hoping to illustrate how they are impacting people’s lives.
On Wednesday, the administration also took its messaging efforts online – launching a new tool on invest.gov that showcases the stories of people across the country and how they have been impacted by the president's economic agenda.
That outreach is in the face of polls showing a majority of voters consistently disapprove of Biden’s handling of the economy even amid signs of a U.S. economic upswing.
“We just have to make it real and tell the story because historic legislation is fantastic but it's conceptual,” White House chief of staff Jeff Zients told reporters at a briefing. “Here, this is changing people’s lives and that is why we need to be on the ground and be comfortable being repetitive about how this is making people’s lives better.”
At a fundraising event in Utah last week, Biden himself told donors he had second thoughts about the name of the law he celebrated Wednesday.
“The Inflation Reduction Act -- I wish I hadn't called it that, because it has less to do with reducing inflation than it does to do with dealing with providing for alternatives that generate economic growth,” he said.
The inflation rate has eased over the past year to 3.2% – although still above the Federal Reserve’s target of 2%. Job growth has stayed solid and the economy has avoided the recession that many analysts said would be needed to bring down prices.
Citing many of these indicators and others, the president on Wednesday declared he is turning things around on the economy and giving people “more breathing room.”
When asked about why this does not appear to be resonating with the American people, the White House often cites the lingering impacts of the COVID-19 pandemic, Russia’s invasion of Ukraine and the time it takes for people to feel the effects of the laws Biden has signed.
During his speech, Biden went through many of the same points and goals he often expresses when talking about this legislation and his economic agenda: making America the leading manufacturer in the world, creating good paying union jobs through clean energy and investing in both blue and red states.
“When I think climate, I think jobs,” Biden said.
The U.S. Treasury on Wednesday sought to show how clean energy investments spurred by the law are specifically benefiting underserved communities – releasing an analysis showing investments concentrated in areas with lower employment, wages and college graduation rates.
The Associated Press contributed to this report.