While learning about the Inflation Reduction Act, I found it interesting how the initial intention of the law was to "help" inflation. However, the Inflation Reduction Act actually does not reduce inflation at all. In fact, the Senate Budget Committee states that it could slightly increase inflation in 2023 (2022). Now despite this law could raise inflation in the future, the act still focuses on some economic concerns. Many are excited about how the law impacts the movement toward environmental awareness. In particular, what stood out to me was the clean energy tax credit. The Inflation Reduction act encourages citizens and small businesses to use clean energy equipment to encourage energy-efficient home improvements (Hansen, T., 2022). Now considering there are more tax incentives to get cleaner energy within homes, I wonder how many actually will be able to afford the improvements or updates to their homes. Making clean energy more affordable is the only way to give citizens more opportunities to be eco-friendly because most citizens are low to middle-income. Once energy companies can market their products to all classes of citizens, the development of cleaner energy could potentially increase because affordability means potential for higher demand. The Inflation Reduction Act is a prime example of how incentives are used within laws and policies. So this Inflation Reduction Act might not have helped inflation. Still, it was a big move to encourage a cleaner environment by incentivizing citizens to buy safer and cleaner electric utilities. The more laws and policies aim at a healthier and safer economy, the more we can grow and develop. So this act was the first step in a direction that needs to be prioritized. Especially if it saves citizens money in the long-run. Sources Hansen, T. (2022). Tas tax tip: What the inflation reduction act means for you - tas. Taxpayer Advocate Service. Retrieved October 14, 2022, from https://www.taxpayeradvocate.irs.gov/news/tas-tax-tip-what-the-inflation-reduction-act-means-for-you/ Senate Budget Committee. (2022). CBO confirms to Graham: Dems' "inflation reduction act" won't reduce inflation: U.S. Senate Committee on the Budget. Press Item | Press | Ranking Member's Newsroom | Ranking Member | U.S. Senate Committee On The Budget. Retrieved October 14, 2022, from https://www.budget.senate.gov/ranking-member/newsroom/press/cbo-confirms-to-graham-dems-inflation-reduction-act-wont-reduce-inflation#:~:text=CBO%20found%3A,slightly%20increase%20inflation%20in%202023.

After reading the article Welcome to Joe Biden’s Low Growth Economy written by Michael N. Peterson, I think Biden's choices in office have been a prime example of a man that romanticizes political agendas. For starters, Biden named a bill the Inflation Reduction Act, but the ironic thing about it is that it won't help fix inflation(Peterson, M., 2022). Peterson elaborates that the bill is expected to decrease GDP and job opportunities (Peterson, M., 2022). Biden also has been fighting to cancel school debt. Despite that lifting debt on students may help students, it gives them less of a reason to work. And in other words, this decision will decrease employment rates for younger people because there is less of an incentive to be in the labor force (Peterson, M., 2022). The two examples I mentioned above show that productivity within the U.S. economy is progressively slowing due to the decisions made during this time of economic distress. The most crippling aspect of these two decisions is their effect on the labor market(Peterson, M., 2022). Human capital is an essential variable of productivity. Meaning Biden's choices are stumping the growth of the economy. If we want prosperity within a country, we must encourage productivity, not decrease it. This could mean making policies that encourage citizens to work. Or maybe it could also mean creating institutions that make working seem like an investment opportunity rather than a chore. Or rather if institutions had more benefits or incentives to work, more people may join the workforce. Source Peterson, M. (2022). Welcome to Joe Biden's low growth economy. AIER. Retrieved September 8, 2022, from https://www.aier.org/article/welcome-to-joe-bidens-low-growth-economy/