{"id":2320620,"date":"2024-08-07T15:02:56","date_gmt":"2024-08-07T19:02:56","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-proud-of-two-years-of-inflation-reduction-act-washington-examiner\/"},"modified":"2024-08-07T15:12:01","modified_gmt":"2024-08-07T19:12:01","slug":"white-house-proud-of-two-years-of-inflation-reduction-act-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-proud-of-two-years-of-inflation-reduction-act-washington-examiner\/","title":{"rendered":"White House &#8216;proud&#8217; of two years of Inflation Reduction Act &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwhite-house-proud-of-two-years-of-inflation-reduction-act-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2320620&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The White House is \u2062marking the second anniversary of the CHIPS and Science Act and the\u2063 Inflation Reduction \u200cAct, both \u2064significant parts of President Joe Biden&#8217;s \u200ceconomic \u2062agenda. \u200bDespite <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gas-prices-now-highest-since-2014-amid-supply-concerns\/\" title=\"Gas Prices Now Highest Since 2014 Amid Supply Concerns\">global economic uncertainty<\/a>, officials highlighted\u2064 these bills as driving investments totaling $900 billion\u200b in private sector clean energy and \u2063manufacturing.\u200c Key administration figures emphasized the successes of these acts, which have reportedly lowered average health insurance \u2063costs for individuals by\u200d $800 a\u200c year.<\/p>\n<p>However, the bills\u200d have faced\u200d criticism since their inception,\u200d with\u2062 Republicans arguing that they have not effectively \u200breduced household\u2063 prices and\u2062 primarily serve to \u200cadvance Biden\u2019s clean\u2064 energy and \u200dhealthcare initiatives. Although inflation\u200d has generally decreased \u2062since the passage of the Inflation Reduction Act in August\u200b 2022,\u200d prices for essentials like energy and food remain high. \u2064Recent economic indicators, including rising unemployment, have raised\u200c concerns about a \u2064potential recession, \u200balthough\u2064 the White House maintains that the economy is \u2063resilient and under continuous observation by Biden&#8217;s economic \u200cteam.\u2063 while the White House \u200ccelebrates the\u2062 achievements of these legislative measures,\u200d significant \u2062challenges and criticisms persist in the current economic landscape.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">White House cheers Inflation Reduction Act anniversary despite recession fears and high prices<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1725316\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>The <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/white-house\/\" target=\"_blank\" rel=\"noopener\" title>White House<\/a> is celebrating two years since the passage of the CHIPS and Science Act and Inflation Reduction Act, two major pieces of President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/joe-biden\/\" target=\"_blank\" rel=\"noopener\" title>Joe Biden<\/a>&lsquo;s economic legacy, despite <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/economy\/\" target=\"_blank\" rel=\"noopener\" title=\"economic\">economic<\/a> uncertainty across the globe.<\/p>\n<p>White House officials, including deputy chief of staff Natalie Quillian, Domestic Policy Council Director Neera Tanden, and senior climate adviser John Podesta, briefed reporters on updates regarding the two bills on Wednesday, calling them &ldquo;a critical part of&rdquo; Biden&rsquo;s &ldquo;investing in America agenda.&rdquo;<\/p>\n<p>&ldquo;We&rsquo;re very proud of our 2-year-old that has accomplished more than any 2-year-old ever has,&rdquo; a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/miles-anonymous-taylor-accidentally-exposes-the-fraudulence-of-the-mainstream-media\/\" title=\"Miles &#039;Anonymous&#039; Taylor Accidentally Exposes the Fraudulence of the Mainstream Media\">senior administration official<\/a> said of the bills.<\/p>\n<p>According to the White House, CHIPS, the Inflation Reduction Act, and the rest of Biden&rsquo;s agenda have spurred $900 billion in private&nbsp;sector clean energy and manufacturing investments, including $395 billion going toward semiconductors and other electronics and $418 billion in private sector clean energy projects.<\/p>\n<p>The White House additionally touted healthcare pricing proponents included in the Inflation Reduction Act, which it estimates are lowering health insurance costs for people by $800 per year on average.<\/p>\n<p>Still, both of the aforementioned bills have caused controversy since their passage. Grants included in the CHIPS Act, some of those industry companies, such as Intel, have struggled to meet their timelines for associated domestic commitments.<\/p>\n<p>And the Inflation Reduction Act has been a frequent target of Republican lawmakers, with the GOP claiming the bill does little to lower prices directly for households and instead mostly serves as a vehicle to push Biden&rsquo;s clean energy and healthcare pricing agenda.<\/p>\n<p>The rate of inflation has steadily decreased since Biden signed the Inflation Reduction Act into law in August 2022, but prices for many goods, especially energy and food, remain elevated, according to the latest data from the Bureau of Labor Statistics.<\/p>\n<p>In June 2022, electricity cost consumers 16 cents per kWh, compared to 18 cents in June 2024. A dozen eggs ran consumers $2.71 two years ago, compared to $2.72 in June 2024<\/p>\n<p>The White House has faced numerous questions of rising economic uncertainty, with Republicans looking to spin recent developments as a negative for Vice President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/kamala-harris\/\" target=\"_blank\" rel=\"noopener\" title>Kamala Harris<\/a> ahead of the <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/2024-elections\/\" target=\"_blank\" rel=\"noopener\" title>2024<\/a> general election.<\/p>\n<p>The Biden administration has pointed to the strength of the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/its-past-time-to-prioritize-skills-based-immigration\/\" title=\"Prioritize skills-based immigration now.\">domestic labor market<\/a> as evidence of the efficacy of the president&rsquo;s agenda, but the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/breaking-unemployment-rate-increases-numbers-way-worse-than-expected-talk-of-inflation-grows\/\" title=\"BREAKING: Unemployment Rate INCREASES, Numbers \u2018Way Worse Than Expected\u2019. Talk Of Inflation Grows.\">unemployment rate rose<\/a> to one of its highest points under Biden&rsquo;s watch in July.<\/p>\n<p>That trend, coupled with inflation, led to a stock meltdown on Monday, which saw global markets shrink roughly 10%, though markets appeared to stabilize on Tuesday.<\/p>\n<p>Economists appear split on the overall health of global markets, with some saying a recession could be on the horizon while others claim those fears are overblown.<\/p>\n<p>White House press secretary Karine Jean-Pierre told reporters on Tuesday that the president&rsquo;s economic team monitors these trends but does not believe the country is at risk of falling into a recession.<\/p>\n<p>&ldquo;While we&rsquo;ve seen some volatility &mdash; we admit that, we have seen that &mdash; our broader <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/futures-fall-as-fed-signals-more-rate-hikes\/\" title=\"Stock futures decline as Federal Reserve indicates additional interest rate increases.\">economy remains resilient<\/a>, and we see that because of the data, obviously, that&rsquo;s been coming out over the past, not just couple of months, but the past couple of years,&rdquo; she stated. &ldquo;The economic team is going to continue to monitor the situation, but we believe that the economy remains resilient, and that&rsquo;s what&rsquo;s going to be our focus.&rdquo;<\/p>\n<p>&ldquo;We remain confident in the CHIPS and Science Act&nbsp;and the work it&rsquo;s already doing to revitalize our manufacturing of semiconductors,&rdquo; Quillian added on Wednesday. &ldquo;We are the only country in the world to have all five of the world&rsquo;s leading chip makers promising new investments and operations here in the U.S., and so we see this as a part of the success of the CHIPS and Science Act and, you know, we&rsquo;ve got more implementation to do.&rdquo;<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noopener\" title><strong><\/strong><\/a><\/p>\n<p>Podesta similarly discounted polling suggesting most people are not aware of the specific components of Biden&rsquo;s legislation and any cost-saving provisions included within them.<\/p>\n<p>&ldquo;I think that people don&rsquo;t follow the ins and outs of Washington very much. I think they want to know what&rsquo;s going on in their own communities, in their own lives, and from our perspective, I think the benefits of the act are now really being felt by people at the household level and the community level,&rdquo; he claimed. &ldquo;As neighbors talk to neighbors, I think that the benefits that are included in this bill will spread.&rdquo;<\/p>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1725316\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1725316\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The White House is marking the second anniversary of the CHIPS and Science Act and the Inflation Reduction Act, two significant components of President Joe Biden&#8217;s economic agenda, even amid global economic uncertainty. Key officials, such as deputy chief of staff Natalie Quillian, Domestic Policy Council Director Neera Tanden, and senior climate adviser John Podesta, provided updates on these bills during a press briefing on Wednesday. They described them as essential to Biden&#8217;s &#8220;investing in America&#8221; strategy. A senior administration official remarked that they are &#8220;very proud&#8221; of these initiatives for their accomplishments over the past two years.<\/p>\n<p>According to the White House, these acts have generated $900 billion in private sector investments in clean energy and manufacturing\u2014$395 billion for semiconductors and electronics and $418 billion for clean energy projects. The administration also highlighted healthcare cost reductions from the Inflation Reduction Act, estimating an average savings of $800 per year on health insurance for individuals.<\/p>\n<p>However, both bills have faced criticism since their enactment. Some companies benefiting from grants under the CHIPS Act have struggled to meet domestic commitments within set timelines. Additionally, Republican lawmakers frequently criticize the Inflation Reduction Act for not directly lowering household prices but rather advancing Biden\u2019s clean energy and healthcare initiatives.<\/p>\n<p>While inflation has gradually decreased since August 2022 when Biden signed the Inflation Reduction Act into law, prices remain high for many essentials like food and energy. For instance, electricity costs rose from 16 cents per kWh in June 2022 to 18 cents in June 2024; similarly, a dozen eggs cost $2.71 two years ago compared to $2.72 now.<\/p>\n<p>The White House is facing scrutiny regarding rising economic uncertainties as Republicans attempt to leverage recent developments against Vice President Kamala Harris ahead of the upcoming election cycle. Although unemployment rates reached one of their highest points during Biden&#8217;s presidency in July amidst inflation concerns\u2014which contributed to a significant drop in global stock markets\u2014White House officials maintain that overall economic resilience remains intact.<\/p>\n<p>Press Secretary Karine Jean-Pierre stated that while some volatility has been observed recently, data indicates a resilient economy that her team will continue monitoring closely without anticipating an imminent recession risk.<\/p>\n<p>Quillian expressed confidence in how well the CHIPS and Science Act is revitalizing semiconductor manufacturing within America by noting that all five leading chip manufacturers globally are committing new investments here\u2014a testament to its success with more implementation still needed.<\/p>\n<p>Podesta downplayed polls indicating public unawareness about specific provisions within Biden\u2019s legislation or associated savings benefits by suggesting people focus more on local impacts rather than Washington intricacies; he believes community-level benefits will become apparent through neighborly discussions over time<\/p>\n","protected":false},"author":2645,"featured_media":2320621,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/08\/biden-stock-market-crash.webp","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[34402,37459,37323,32076,32127],"class_list":["post-2320620","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-economic-policy","tag-government-achievements","tag-inflation-reduction-act","tag-washington-examiner","tag-white-house"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/08\/biden-stock-market-crash.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2320620","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2645"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2320620"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2320620\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2320621"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2320620"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2320620"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2320620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}