Inflation Reduction Act Repeal Would Hand Billions To America's Economic Competitors

[In It to Win It]

https://www.forbes.com/sites/energyinnovation/2024/11/19/inflation-reduction-act-repeal-would-hand-billions-to-americas-economic-competitors/

The Inflation Reduction Act kickstarted an American manufacturing renaissance, attracting more than $500 billion in new private investment between August 2022 and August 2024 – more than half of total nationwide private investment growth over that time – and creating more than 334,000 jobs across our country.

Those benefits are building unexpected political constituencies: Congressional districts represented by Republicans have secured 80% of total IRA investments – nearly $200 billion – and 18 House Republicans urged their leadership to preserve the IRA in August 2024.

That economic growth is now threatened by the incoming presidential administration and some members of the 119th United States Congress who have called for repealing the IRA, in part to pay for extended tax cuts.

Repealing the IRA would significantly harm our economy – new analysis reveals it would cause deep economic damage across America, and cede tens of billions in investment opportunities to major economic competitors like China, Korea, and Mexico.