The U.S. is about to spend US$490 billion over 10 years on reducing greenhouse gas emissions, improving health care, and reducing the federal deficit. Where’s all that money coming from?
We asked University of Michigan economist Nirupama Rao to examine how the new law will raise enough revenue to pay for clean energy tax credits, Affordable Care Act subsidies, and incentives for manufacturers to use cleaner technologies, among other initiatives. We also wanted to know, given its name, will the Inflation Reduction Act actually bring down inflation?
