Hoyer Statement on the One Year Anniversary of the Inflation Reduction Act

WASHINGTON, DC – Congressman Steny H. Hoyer (MD-05), Chair of the Regional Leadership Council, released the following statement today on the one-year anniversary of the Inflation Reduction Act (IRA) being signed into law:

“I often say the 117th Congress was the most productive Congress in which I have served—and one year ago today, we built on that historic progress by enacting the Inflation Reduction Act (IRA). That transformative piece of legislation continues to bring down energy, health care, prescription drug, and other costs for working families. Additionally, the law made the largest investment any nation has made in history to combat the climate crisis. The IRA accomplished all of this while lowering the national debt by billions of dollars by ensuring that billionaires and corporations pay their fair share in taxes. 
 
“A year later, America still feels the positive impacts of the Inflation Reduction Act. Inflation has fallen by two thirds since last summer. American workers' real wages continue to grow beyond their pre-pandemic levels. Our nation's job market remains strong, with the unemployment rate near its record low and more Americans working today than at any point in our history. Additionally, thanks to the Inflation Reduction Act, 69.3 million seniors have saved money on their prescription drug costs, and the 16.3 million people who receive their health insurance through the Affordable Care Act are saving an average $800 a year on their health premiums.
 
“From capping monthly insulin costs for millions of Medicare beneficiaries to creating green jobs across the country, the Inflation Reduction Act is a cornerstone in Democrats' Investing in America agenda. As Chair of the Regional Leadership Council, I'm working hard to ensure that the Inflation Reduction Act and the other policies and programs we secured last Congress reach every community in the country – from our smallest towns to our biggest cities. Americans deserve to see how their tax dollars are making a difference in their lives and in the lives of their friends, families, and neighbors. I look forward to seeing how the Inflation Reduction Act and the rest of the Investing in America agenda will continue to transform our country in the months and years ahead. In the meantime, I am proud to continue working with House Democrats to help all Americans access the opportunities and tools they need to Make It In America.”