President Joe Biden celebrated the one-year anniversary of the Inflation Reduction Act at a White House event on Wednesday. The president stood alongside people who have been aided by the law, the Associated Press reports.
Biden proclaimed that his administration is “turning things around” for people in the U.S., investing in more clean energy jobs and giving people “more breathing room” on prices.
The Inflation Reduction Act, along with bipartisan infrastructure law and a bill that bolster production of semiconductor chips are part of what Biden is branding as “Bidenomics,” the president’s handling of the economy.
“When it comes to the Inflation Reduction Act, as great as it has been, the best is yet to come,” said Senate Majority Leader Chuck Schumer, D-N.Y.
The White House is promoting Bidenomics as elections come closer and Biden seeks to gain more voters.
The annual inflation rate has decreased to 3.2%, while job growth has stayed solid and the recession that many analysts were expecting never came. The investment bank Goldman Sachs raised its expectations for overall growth in the third quarter to an annual rate of 2.2%.
Despite the economy slowly going up, a poll showed that a majority of voters disapproved of Biden’s handling of the economy. It is yet to be seen if Biden can change the mind of those who disapprove of him.