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Joint Economic Committee, Senate Democrats Release New Data Ahead of Inflation Reduction Act Anniversary

Washington, D.C.—Today, Senator Martin Heinrich (D-NM), Chairman of the U.S. Congress Joint Economic Committee (JEC) and Senate Majority Leader Chuck Schumer (D-NY) released new data ahead of the one-year anniversary of the Inflation Reduction Act being signed into law. 

As we approach the one-year anniversary of the Inflation Reduction Act, the law is already lowering costs for families, growing the middle class, jumpstarting clean energy development, and creating a fairer tax system. The law’s impacts will continue to grow as investments flow through the economy and additional climate and health provisions take effect to help American families. These resources highlight the investments and job gains related to clean energy projects, the number of people saving money on their health insurance, the impacts of lower insulin prices for people using Medicare, and the benefits of funding the IRS to ensure a fairer tax system 

The new JEC factsheets focus on the national and state-by-state impacts of the new law. 

“The Inflation Reduction Act was one of the most consequential pieces of legislation passed in decades, and in just one year it’s already paying huge dividends for the American people, our economy, and our climate,” said Leader Schumer. “American families are already feeling the benefits of Democrats’ revolutionary agenda in lowered energy costs and new job postings. The investment in wind, solar, and EV battery industries that is a direct result of this legislation will continue to transform the American economy for generations to come and help rebuild American manufacturing. The passage of the Inflation Reduction Act proves that we don’t need to choose between addressing climate change and growing the middle class. Democrats will continue to build an economy that works for everyone – not just the ultra-wealthy and well-connected.” 

JEC Chairman Heinrich said, “The Inflation Reduction Act was the single greatest action we have taken to change the trajectory of the climate crisis, lower costs for manufactured goods, and lower health care costs for American families. One year later, we are already seeing the benefits of this law, and we will continue to see its impacts in the coming years. In New Mexico and across the country, we are strategically investing in emerging clean and electric technologies, from heat pumps and wind turbines to batteries, solar components and EVs. We’re transforming the way we generate and deliver clean, reliable, and affordable power, and shoring up the reliability and resilience of the grid, and we’ve already lowered health care costs for millions of American families by reducing insulin copays and lowering health insurance premiums. The tax system is fairer, with more enforcement and accountability for the wealthiest, and improved customer service for American families. Through the Inflation Reduction Act and in our day-to-day work, Democrats are tackling the economic challenges that people are facing today in a changing world, and investing in technologies and industries that will be game-changers for the next generation.” 


About Chairman Martin Heinrich  
U.S. Senator Martin Heinrich has served the people of New Mexico in the United States Senate since 2012. In addition to his role as Chairman of the U.S. Congress Joint Economic Committee, Heinrich also serves as Chairman of the Subcommittee on Agriculture, Rural Development, and Food and Drug Administration on the Senate Appropriations Committee, and as a member of the Senate Energy and Natural Resources Committee and the Senate Select Committee on Intelligence. Prior to his election to the U.S. Senate, Heinrich served two terms in the U.S. House of Representatives, four years as an Albuquerque City Councilor, as New Mexico’s Natural Resources Trustee, and in AmeriCorps with the U.S. Fish and Wildlife Service.  

About the U.S. Congress Joint Economic Committee 

The U.S. Congress Joint Economic Committee is Congress’s bicameral economic think tank. It was created when Congress passed the Employment Act of 1946. Under this Act, Congress established two advisory panels: the President's Council of Economic Advisers (CEA) and the JEC. Their primary tasks are to review economic conditions and to recommend improvements in economic policy. Chairmanship of the JEC alternates between the Senate and House every Congress.??