Personal Finance

The Inflation Reduction Act 2022 | How It Impacts You

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In this video, I’m going to help you understand the Inflation Reduction Act, briefly explain what’s in it, and touch on the Penn Wharton Budget Model and the conclusions that came from that.

As always stay until the end of the video for my thoughts and how to benefit from this.

What is it?

The Inflation Reduction Act of 2022 is designed to reduce the deficit and lower inflation while investing in domestic energy production and lowering healthcare drug costs.

In essence, the legislation is a scaled-down version of the Build Back Better Act proposed by the Biden administration in 2021.

According to Senate Democrats, the proposed legislation would raise $737 billion, require total investments of $437 billion, and result in a deficit reduction of more than $300+ billion.

I will break these numbers down a little later in the video.

According to the White House, the Inflation Reduction Act would make “the single largest investment in climate and energy in American history.”

Spending is designed to lower energy costs, increase cleaner energy production, and reduce carbon emissions by 40% by 2030

Some say this is essentially just a climate Bill under a different name.

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⏰ Timestamps ⏰:
0:00 – Intro
0:35 – What’s In The Inflation Reduction Act?
1:25 – Understanding The Inflation Reduction Act
2:49 – What’s In It?
4:39 – The Penn Wharton Budget Model
6:30 – My Thoughts
9:07 – WBF University
9:28 – LOL


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