Op-Ed: How the Inflation Reduction Act will help New Yorkers

The last few weeks have brought Western New York a little relief from the summer heat, but even more welcome has been the recent reduction in gasoline prices.

The pandemic has taken a toll on global supply chains, resulting in the highest inflation rate we’ve seen in 40 years. Last month, I wrote about the ways in which the State Senate Majority is working to combat rising inflation for New Yorkers. Now, we’re getting help at the national level with last week’s passage of the Inflation Reduction Act, which takes a number of important steps toward combating the rising prices that we’ve all been dealing with these past few months.

The cost of drugs, often necessary or life-changing ones, has risen dramatically. Studies have revealed that millions of Americans who can’t afford their prescription drugs are forced to ration their medication due to high costs. Thanks to the IRA, the 50 million Americans who rely on Medicare Part D will have insulin costs capped at $35 per month and will have their total out-of-pocket medication costs capped at $2,000 per year.

Nobody should have to worry about how they will afford lifesaving medicine, and allowing the federal government to negotiate prescription drug costs will free millions of Americans who rely on Medicare from this bleak reality. Even better, experts expect this reform to the prescription drug market to eventually reduce prices for medications for everyone – not just seniors.

While many of the bill’s effects are intended to reduce the long-term effects of inflation, there are a number of ways that this bill will help people right away. That includes immediate savings for people investing in clean energy alternatives. Homeowners can receive a 30% tax credit toward the installation of electric appliances and energy-efficient upgrades like new windows and appliances, and up to $7,500 in tax credits for purchasing an electric vehicle. These benefits are great for individuals, and they will go a long way toward helping New York and the rest of the country reach our climate goals. The investment in green energy will have a major effect on our ability to fight climate change, and it will also create millions of new manufacturing jobs across the country. Places like Western New York will be well-positioned to reap the benefits of the increased domestic manufacturing created by the IRA.

With our state efforts and action from the federal government, we will keep working to address inflation and lower costs for families here in Western New York.