PD Editorial: An important step toward saving the planet
News headlines are packed with alarming examples of the multiplying impacts of climate change — immense wildfires, extreme heat, flash floods in the midst of a punishing drought.
No single country acting alone, and no single piece of legislation, will overcome this clear and present global danger.
But the bill that cleared the U.S. Senate on Sunday may be the most transformative climate legislation in American history. The bill, which also addresses health care and taxes, is headed for a final vote in the House of Representatives and could land on President Joe Biden’s desk by the end of the week.
By offering clean energy incentives for individuals and business, the goal is to cut U.S. greenhouse gas emissions to about 40% below 2005 levels by the end of the decade.
Even then, there will be unfinished work — in the United States and especially in developing countries such as India that are resisting desperately need reforms. But reluctance to act elsewhere cannot be an excuse to procrastinate. Too much is at stake.
Senate Majority Leader Charles Schumer and Sen. Joe Manchin, D-West Virginia, deserve credit for working behind the scenes to revive a bill that appeared to be dead just a few weeks ago.
At $370 billion, the bottom line is considerably smaller than the $2.2 trillion version passed by the House last fall, and there is no shortage of people saying it’s still too big or, conversely, that it won’t do enough. Such is the nature of compromise.
Among the highlights are tax incentives to promote domestic manufacturing of electric vehicles, wind turbines and solar panels as well as mining of lithium and other minerals required for batteries. For consumers, the bill renews tax credits of up to $7,500 for buying a new or used electric vehicle and allows homeowners to deduct about 30% of the cost of upgrades such as energy-efficient stoves and heating and cooling systems, and battery storage systems.
“No one should consider this a mission accomplished moment,” said Rep. Jared Huffman, who was among those in favor of more sweeping climate action. Still, the San Rafael Democrat told the editorial board, “I will definitely be voting for it.”
Despite some incentives wrangled by Manchin for fossil fuels, the bill passed in the Senate without a single Republican vote. Another party-line vote is expected in the House.
But residents of red and blue states alike will benefit from clean, renewable energy and jobs created by the transition from fossil fuels. Many also will save hundreds of dollars a year on health insurance premiums with an extension through 2025 of pandemic-era subsidies for people who purchase coverage through the Affordable Care Act.
The bill also will allow Medicare to negotiate prices with prescription drugmakers for the first time; limit out-of-pocket expenses under Medicare Part D to $2,000 a year starting in 2025; and cap beneficiaries’ price for lifesaving insulin at $35 a month.
Democrats call their bill the Inflation Reduction Act because it includes a 15% minimum corporate tax and added enforcement, which are expected to pay for the new spending while reducing the federal deficit as much as $300 billion over the next 10 years. As the spending also will be spread over 10 years, the immediate impact on inflation will be negligible. But a long overdue U.S. commitment to clean energy and greenhouse gas reductions is a necessary step toward saving the planet.
By: THE EDITORIAL BOARD
Source: The Press Democrat
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