August 16, 2023 News & Press Releases

ONE YEAR LATER: Inflation Reduction Act Delivering for Virginia

by Democratic Party of Virginia

RICHMOND, VA – Today, Democratic Party of Virginia Chairwoman Susan Swecker  released the following statement on the anniversary of the Inflation Reduction Act becoming law:

“One year ago, President Biden and Democrats passed the historic Inflation Reduction Act — despite every single Republican in Virginia voting against it. 

The legislation is doing exactly what it promised: lowering health care and prescription drug costs for Virginia families, bringing new jobs to our communities, and making the largest investment in climate change mitigation in history. But MAGA Republicans pledge to roll back this historic legislation and increase costs on middle-class families. That’s why it’s so important that we send President Biden and Vice President Harris back to the White House next year to finish the job and elect Democrats up and down the ballot who will protect and build on the progress we’ve made.”

Here’s how the Inflation Reduction Act is delivering for Virginians:

  • 1.6 million seniors and other Medicare beneficiaries in Virginia will save money on prescription drug costs because of President Biden’s caps on out-of-pocket prescription drug and insulin costs, free vaccines, inflation rebates, and drug price negotiation program.
  • In 2021, there were already 92,315 Virginia workers employed in clean energy jobs. The Inflation Reduction Act is expanding those job opportunities, bringing an estimated $11.6 billion of investment in large-scale clean power generation and storage to Virginia  between now and 2030.
  • Hardworking Virginia families will receive $188.5 million in home energy rebates to help cut their energy costs by weatherizing their homes and replacing old appliances with more efficient models.
  • Manufacturers employ 236,300 workers in Virginia, and the Inflation Reduction Act will help us make the technologies of the future at home — supporting local economies and strengthening supply chains. 
  • Virginia is home to 783,977 small businesses, representing 99.5% of all businesses in the state, and the Inflation Reduction Act will help them save money through tax credits to support energy efficiency improvements that deliver lower utility bills. 
  • The Inflation Reduction Act will make it easier and cheaper for Virginians to purchase an electric vehicle, with upfront discounts for new and used EVs, helping middle-class Americans skip the gas pump and save on fuel costs. 
  • The Inflation Reduction Act will significantly reduce pollution, helping Virginia not only avoid costly climate impacts from more extreme weather, but also improve local air quality.
  • The Inflation Reduction Act supports climate-smart agriculture practices, which will help Virginia’s 41,500 farms lead on climate solutions and reward their stewardship.
  • The Inflation Reduction Act will upgrade affordable housing, helping thousands of Virginians boost resilience in the face of intensifying extreme weather.