By Canadian Press

Biden’s Inflation Reduction Act, one year on: ‘It’s restoring the American dream’

Aug 16, 2023 | 12:59 PM

WASHINGTON — The White House is celebrating the one-year anniversary of the Inflation Reduction Act — and making it the centre of President Joe Biden’s re-election hopes.

Democrats bill the $1.2-trillion climate, health and deficit-lowering measure as nothing short of an effort to resurrect the American dream. 

But in Canada, the multibillion-dollar magnitude of the U.S. incentives has led to a lot of sleepless nights over the last 12 months. 

The U.S. Treasury Department is highlighting how the spending has lured plenty of foreign investments — including from companies based in Canada. 

The federal government has tried to keep up, promising C$70 billion worth of incentives in its last budget to bolster competitiveness and ease the clean-energy transition. 

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Ottawa also ponied up billions in subsidies to lock down new battery manufacturing facilities being built north of the border by auto giants Volkswagen and Stellantis.

This report by The Canadian Press was first published Aug. 16, 2023. 

The Canadian Press