Does Biden’s Inflation Reduction Act do enough for climate?

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The Inflation Reduction Act, a $430 billion bill passed by the Senate on Sunday, designed to combat climate change, lower prescription drug costs and raise some corporate taxes. While President Biden last month asserted that it is “far from perfect” and a “compromise”, he also urged Congress to act since it is “how progress is made” and “the strongest bill you can pass.”

 

Related: How Biden’s push for new building codes could impact your home

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Infographic: How the Inflation Reduction Act Will Affect U.S. Emissions | Statista You will find more infographics at Statista

Indeed, after months of negotiations and numerous amendments made in order to get the bill through, what began life as part of the perhaps overly ambitious Build Back Better plan is expected to fall considerably short of the administration’s emissions goal of reaching 50 percent of the 2005 level by 2030.

 

As this infographic using Rapid Energy Policy Evaluation and Analysis Toolkit (REPEAT) estimates shows, while annual net greenhouse gas emissions are forecast to be significantly lower by 2030 than they would be if the country’s current policies were maintained, the target is still well out of reach. REPEAT expects emissions to come closer to the desired level by 2035.

 

Still, the scale of the bill is not to be underrated. Should it pass the House (with voting expected as soon as Friday), it would authorize around $370 billion for energy and climate programs – making it the biggest clean energy investment by the federal government in U.S. history.

 

This article originally appeared on Statista.com and was syndicated by MediaFeed.org.

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This generation disapproves of Biden the most

 

President Biden’s approval rating has been taking a bit of a battering of late, and as new analysis of survey data by Gallup reveals, it’s among the younger voters where the biggest falls are being recorded.

 

Here are the percentage point changes in Biden’s approval rating (from January-June 2022 to September 2021-March 2022) by generation.

 

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2. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.

 

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Percentage point change in Biden’s approval rating: -21

 

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Percentage point change in Biden’s approval rating: -19

 

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Percentage point change in Biden’s approval rating: -15

 

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Percentage point change in Biden’s approval rating: -7

 

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Percentage point change in Biden’s approval rating: 0

 

(Defined as those born between 1927 and 1946)

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2. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.

 

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There has been a 21 point drop in approval with members of Generation Z (born 1997 to 2004) since the first half of 2021, bringing the rate down to just 39 percent, the lowest of all the generation groups having been joint highest with Millennials. Speaking of which, those born between 1981 and 1996 registered a 19-point decrease in approval of the president, falling to 41 percent, and one percent below the national average of 42 percent.

 

Gallup provides some context for the changes: “By the summer (of 2021), as coronavirus cases unexpectedly rose, Biden had lost significant support among Generation Z, millennials and Generation X, ranging from seven- to ten-percentage-point drops. But his approval rating held steady among baby boomers and traditionalists. All generational groups have become less approving of Biden since the summer, after the troubled U.S. withdrawal from Afghanistan in late August 2021, with the exception of traditionalists, whose approval has not changed.”

 

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Survey results are based on combined samples of 14,229 Americans ,18 years of age or older. The survey was conducted by Gallop. More methodology and source information can be found on Statista.

 

This article originally appeared on Statista.com and was syndicated by MediaFeed.org.

 

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