ONE YEAR LATER: Inflation Reduction Act Delivering For New Jersey                        

TRENTON, NJ –  Today, New Jersey Democratic State Committee Chair, LeRoy J. Jones Jr. is releasing the following statement on the anniversary of the Inflation Reduction Act becoming law:

“One year ago, President Biden and Democrats triumphed over ultra-wealthy special interests to pass the Inflation Reduction Act — despite every single Republican in New Jersey voting against it, including Tom Kean, Jeff Van Drew and Chris Smith.

The legislation is doing exactly what it promised: lowering health care and prescription drug costs for families, bringing new jobs to our communities, and spurring crucial investments in clean energy that will continue to deliver for future generations of New Jerseyans. It has also contributed to our strengthening economy as we have seen the inflation rate fall significantly since President Biden signed it into law. The progress we’ve made is all at stake in 2024 as MAGA Republicans pledge to roll back the historic legislation and increase costs on middle-class families. That’s why it’s so important that we send President Biden and Vice President Harris back to the White House next year to finish the job and elect Democrats up and down the ballot who will protect and build on the progress we’ve made.”

Here’s how the Inflation Reduction Act is delivering for New Jerseyans:

• 1.7 million seniors and other Medicare beneficiaries in New Jersey will save money on prescription drug costs because of President Biden’s caps on out-of-pocket prescription drug and insulin costs, free vaccines, inflation rebates, and drug price negotiation program.

• In 2021, there were already 53,334 New Jersey workers employed in clean energy jobs. The Inflation Reduction Act is expanding those job opportunities, bringing an estimated $11.4 billion of investment in large-scale clean power generation and storage to New Jersey between now and 2030.

• Hardworking New Jersey families will receive $183.1 million in home energy rebates to help cut their energy costs by weatherizing their homes and replacing old appliances with more efficient models.

• Manufacturers employ 240,400 workers in New Jersey, and the Inflation Reduction Act will help us make the technologies of the future at home — supporting local economies and strengthening supply chains.

• New Jersey is home to 937,436 small businesses, representing 99.6% of all businesses in the state, and the Inflation Reduction Act will help them save money through tax credits to support energy efficiency improvements that deliver lower utility bills.

• The Inflation Reduction Act will make it easier and cheaper for New Jerseyans to purchase an electric vehicle, with upfront discounts for new and used EVs, helping middle-class Americans skip the gas pump and save on fuel costs.

• The Inflation Reduction Act will significantly reduce pollution, helping New Jersey not only avoid costly climate impacts from more extreme weather, but also improve local air quality.

• The Inflation Reduction Act supports climate-smart agriculture practices, which will help New Jersey’s 9,900 farms lead on climate solutions and reward their stewardship.

• The Inflation Reduction Act will upgrade affordable housing, helping thousands of New Jerseyans boost resilience in the face of intensifying extreme weather.