Did Democrats Just Save Civilization?

They really did it. The Inflation Reduction Act, which is mainly a climate change bill with a side helping of health reform, passed the Senate on Sunday; by all accounts, it will easily pass the House, so it’s about to become law.

This is a very big deal. The act isn’t, by itself, enough to avert climate disaster. But it is a huge step in the right direction and sets the stage for more action in the years ahead. It will catalyze progress in green technology; its economic benefits will make passing additional legislation easier; it gives the United States the credibility it needs to lead a global effort to limit greenhouse gas emissions.

There are, of course, cynics eager to denigrate the achievement. Some on the left rushed to dismiss the bill as a giveaway to the fossil fuel industry posing as environmental action. More important, Republicans — who unanimously opposed the legislation — are shouting the usual things they shout: Big spending! Inflation!

But actual experts on energy and the environment are giddy over what has been accomplished, and serious economists aren’t worried about the effect on inflation.

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This article was originally published on NYTimes on August 8, 2022.  Link to the original article is here: https://www.nytimes.com/2022/08/08/opinion/climate-inflation-bill.html