State Bill Aiming to Reduce Inflation Could Boost South Dakota Economy through Clean Energy Job Creation

President Joe Biden signed the Inflation Reduction Act into law on August 16, 2022, after narrowly passing through a Democratically controlled Congress along party lines. The law, which allocates $500 billion in new spending, is expected to have a significant impact on the U.S. energy grid, with most of the funding going towards clean energy initiatives.

The Inflation Reduction Act, also known as the IRA, aims to incentivize households, businesses, and state and local governments to invest in clean energy while moving away from fossil fuels. It offers a range of federal subsidies, including rebates, loans, and tax credits, to support these efforts. With nearly $370 billion dedicated to clean energy funding, this act represents the most significant action the U.S. has ever taken to address climate change.

One of the key benefits of the IRA is its potential to reduce America’s greenhouse gas emissions by 40% to 50%, as argued by Democrats in Washington. Additionally, it could have a positive impact on the job market, especially in sectors that have been hard-hit, such as manufacturing. According to the Rocky Mountain Institute, an independent nonprofit clean energy advocacy group, the IRA has the potential to create over 1.3 million new jobs in 2030 alone.

Based on data from the Rocky Mountain Institute, South Dakota could see the creation of as many as 3,252 jobs in 2030 as a result of the Inflation Reduction Act. This translates to approximately one job for every 277 people, ranking South Dakota as the 16th state with the highest potential job creation. In 2022, the Bureau of Labor Statistics reported that 9,815 South Dakota residents were unemployed. If the IRA brings in the projected number of new jobs in 2030, it would reduce joblessness in the state by 33.1%.

It’s important to note that the data on potential job creation comes from the Rocky Mountain Institute’s report titled “The Economic Tides Just Turned for States.” However, the analysis did not include Alaska and Hawaii.

Overall, the Inflation Reduction Act signed into law by President Biden has the potential to significantly impact the U.S. energy grid and address climate change. It also holds promise for creating new job opportunities, particularly in sectors that have been heavily affected by the economic downturn. South Dakota, in particular, could see a significant reduction in unemployment if the projected number of new jobs materializes in 2030.

Original Story at www.newscenter1.tv – 2023-07-27 23:00:00