Repealing Inflation Reduction Act May Cost 790,000 Jobs, $160 Billion GDP

The future of the Inflation Reduction Act (IRA) is under threat as the Trump administration considers repealing it, which could have severe economic repercussions across the United States. The IRA has spurred over $600 billion in private investment and created more than 406,000 jobs, with significant benefits observed in Republican districts. A report estimates that repealing the IRA could lead to a loss of nearly 790,000 jobs and a $160 billion decrease in GDP by 2030. Despite initial opposition to the IRA from many Republicans, 21 House members have recently advocated for maintaining certain energy tax credits, highlighting a growing divide within the party. Texas has been identified as one of the states that would face significant economic impacts if the IRA is repealed, losing out on billions in clean energy projects. Critics argue that dismantling the IRA would not only harm the economy but also undermine the advancements made in renewable energy sectors.