GRAY MAGUIRE: Inflation Reduction Act in US could be a blueprint for SA
The climate and energy security provisions represent the first concrete environment action in a long time
Ever since Donald Trump ascended to the heights of the US presidency I have maintained a morbid fascination with the seemingly never-ending train wreck that is the country’s political landscape. Now, for the first time since 2016, I must tip my cap to the US after President Joe Biden signed the Inflation Reduction Act into effect last week.
It is a major feather in the cap of the beleaguered US president, who came into office on promises of climate action but whose approval ratings have steadily decreased since. The document itself is a mind-numbing 730 pages, and its prescripts are lofty, indeed. Clearly, the primary aim is to deal with the Covid-19 stimulus-induced runaway inflation besetting the country, but it aims to do this through three main domains of engagement: clean energy provision, affordable health care and effective corporate taxation, all aimed at inflation targeting through national deficit reduction...
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