After clearing Congress on August 12th, the $750 billion Inflation Reduction Act of 2022 (IRA) was signed into law last Tuesday by President Joe Biden. Within the IRA are a set of major federal policy changes which will impact the U.S. energy, healthcare, environment, and tax sectors, plus a three-year expansion for premium tax subsidies enacted under the American Rescue Plan Act (ARPA).
On top of this, the IRA contains significant drug pricing reforms which will allow for Medicare drug price negotiation and lower inflationary rebates. But the Inflation Reduction Act doesn’t stop there; it’s also anticipated to generate millions of jobs in the coming years.
According to a recent study by PERI and the BlueGreen Alliance, the IRA has the potential to generate over nine million jobs over the next decade. More specifically, the bill will open up jobs in the climate, energy, and environmental industries. According to Jason Walsh, executive director at BlueGreen Alliance, “This bill’s investments offer an opportunity to support and create good union jobs and for workers and communities to reap the economic gains of the clean economy.”
The study dives deeper into the how many jobs will likely be generated in these industries over the next decade, including:
- About five million jobs due to clean energy investments,
- Over 600,000 jobs from investments in our natural infrastructure,
- About 150,000 jobs in environmental justice and “climate resilience,”
- Over 900,000 jobs from programs to build clean manufacturing supply chains,
- Over 400,000 jobs from investments in electric vehicles and clean transportation, and
- Over 900,000 jobs from programs that make homes and offices more energy efficient.
Along with the anticipated improvements in climate change reform, the IRA is forecasted to positively impact income equality with its job generation. Although the workforce has returned to pre-pandemic employment levels, the issue of income inequality still remains – and the IRA may tend to that.
Down the line, experts predict that additional investments and equitable hiring practices could lend a hand to low-income workers, workers of color, and those in deindustrialized communities, but this is a potentiality that will reveal itself in due time.
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Experienced Employment Law Attorney, Mediator, Arbitrator, Investigator, Legal and Media Commentator
Twice-named a U.S. News Best Lawyer in America for employment and labor law, Angela Reddock-Wright is an employment and labor law attorney, mediator, arbitrator, and certified workplace and Title IX investigator (AWI-CH) in Los Angeles, CA. Known as the “Workplace Guru,” Angela is an influencer and leading authority on employment, workplace/HR, Title IX, hazing, and bullying issues. Furthermore, she’s been named a “Top 50 Woman Attorney” in California by Super Lawyers, a “Top California Employment Lawyer” by the Daily Journal and one of Los Angeles’ “Most Influential Minority and Women Attorneys” by the Los Angeles Business Journal.
Angela is a regular legal and media commentator and analyst and has appeared on such media outlets as Good Morning America, Entertainment Tonight, Law and Crime with Brian Ross, Court TV, CNN, NewsNation, ABC News, CBS News, Fox 11 News, KTLA-5, the Black News Channel, Fox Soul – The Black Report, NPR, KPCC, Airtalk-89.3, KJLH Front Page with Dominique DiPrima, the New York Times, the Washington Post, the LA Times, Forbes.com, Yahoo! Entertainment, People Magazine, Essence Magazine, the Los Angeles Sentinel, LA Focus, Daily Journal, Our Weekly and the Wave Newspapers.
Angela is a member of the panel of distinguished mediators and arbitrators with Judicate West, a California dispute resolution company. She also owns her own dispute resolution law firm, the Reddock Law Group of Los Angeles, specializing in the mediation, arbitration, and investigation of employment discrimination, harassment, retaliation, and other workplace claims, along with Title IX, sexual harassment, assault, and misconduct conduct cases, along with hazing and bullying cases in K-12 schools, colleges and universities, fraternities and sororities; fire, police and other public safety agencies and departments; and other private and public sector workplaces.
For more information regarding resources for employers, businesses, and employees during this time, connect with Angela on LinkedIn for new updates, or contact her here. You may also follow her on Instagram.
This communication is not legal advice. It is educational only. For legal advice, consult with an experienced employment law attorney in your state or city.