An unlikely win for the planet
ZWF #25: Sunday, July 31, 2022
Weeks ago, after many months of negotiations, Sen. Joe Manchin (D-WV) announced that he would not support any climate initiative bill. At the time, many fellow Democrats felt betrayed and all hopes of any major government effort to fight climate change seemed dead. Fast forward to this Thursday, a complete 180°.
Inside this edition of Zander’s Weekend Facts, how congressional Democrats were able to agree on a bill fighting climate change and inflation, and a look at what Zander’s been reading this past week. Plus, a peak at the top headlines from the past week in news and sports.
Also, go listen to the latest episode of the Zander’s Facts podcast! Episode 72 features a preview of the upcoming European club soccer season. Zander’s Facts soccer analyst Emma Adams joins the pod to predict who will win the top European leagues and rank the top Premier League clubs. Download and listen to the Zander’s Facts podcast wherever you get your podcasts!
Zander’s Weekend Facts is here to give you the facts about what has been going on in the world around us this past week. You’ll just have to read these facts, instead of listening to them on the Zander’s Facts podcast.
Here are Zander’s Weekend Facts for Sunday, July 31, 2022:
Introducing the Inflation Reduction Act
One of President Biden’s main campaign slogans during the 2020 presidential election was “Build Back Better.” The term was used to help describe the planned economic recovery from the depths of the COVID-19 pandemic. Then, when Biden made it to the White House in 2021, he proposed the Build Back Better Act in Congress. The bill, which originally cost $3.5 trillion and was cut down to $1.75 trillion, would have included significant investments in clean energy, health care, education, and more. In fact, if you want to know what exactly was in that bill, you can listen to Episode 29 of the Zander’s Facts podcast!
With the bill having no Republican support, it would need the endorsement of all 50 Democrats in the Senate. The problem was that Sen. Joe Manchin’s (D-WV) negotiations of the bill continued to decrease the dollar amount and his support continued to wane. After many months of negotiations, Manchin pulled his support for the bill in December 2021, killing any hopes of its passage. It appeared as though all hope for any significant government effort to combat climate change was gone. Until this week.
On Wednesday, Manchin announced his support for the Inflation Reduction Act, a bill that was negotiated by Manchin and Senate Majority Leader Chuck Schumer (D-NY) and renewed Democrats’ efforts to fight climate change. The announcement marked a stunning reversal when it appeared that any major climate initiatives would not pass in the current Congress. Now, it appears that Congress is set to pass the largest climate investment in American history.
The bill includes $369 billion of spending on climate initiatives. Some of the major points the bill hits include electric vehicles, industrial pollution, fossil fuels, and the ramping up of domestic clean energy production. The bill would introduce many tax breaks in order to bring down the costs of clean energy technologies such as solar and wind, not just for the producer, but also for the consumer. $7,500 electric vehicle tax credits would remain until 2032 and would likely cover additional electric vehicles. The bill includes $60 billion for environmental justice initiatives and another $60 billion to incentivize the manufacturing of clean energy technologies in the U.S., among many other steps the bill takes.
However, the bill does not include benefits only for the clean energy sector. In order to secure the approval of Manchin, Democrats included many provisions that could assist the fossil fuel industry. The bill expands tax credits for carbon capture, which could lead to fossil fuel plants remaining open while reducing their pollution levels, along with accelerating the approval process for energy infrastructure projects such as pipelines and auctioning off more federal land to oil drilling companies. While some Democrats and climate activists have expressed concern over the provisions that would benefit the fossil fuel industry, the prevailing argument appears to be that the bill’s clean energy initiatives will do much more good than they will do harm. Including the fact that the bill also incentivizes clean energy production in areas formerly inhabited by coal mines and supports former coal miners who suffer from black lung disease.
To pay for the initiatives, the bill includes $739 billion in revenue raised. The additional revenue would result in the national deficit reducing by nearly $300 billion. The bill institutes a 15% corporate minimum tax, $125 billion in projected savings in IRS tax enforcement, allows Medicare to negotiate lower drug prices, and closes the carried interest tax loophole. Democrats say the additional revenue will help cut down on inflation, while further studies have seen mixed results. While the Wharton School of the University of Pennsylvania found that the bill wouldn’t have any significant effect on inflation, the nonpartisan Committee for a Responsible Federal Budget found that the bill could help tone down high inflation and decrease the likelihood of an economic recession.
Ultimately, the bill is projected to reduce U.S. carbon emissions by 40% of 2005 levels by 2030. President Biden’s current goal is to reduce emissions by 50%-52% in that time frame. Yet, the bill would still be a major win for clean energy in the United States, which in turn, creates a win for the planet.
While Manchin appeared to be the biggest hurdle to overcome on the bill, its passage is not yet 100% assured. All 50 Senate Democrats would need to vote to pass the bill, including Sen. Kyrsten Sinema (D-AZ), and could only lose a few Democratic votes in the House. But if it does pass, the bill would be a major step in saving the planet from the worst of climate change and ensuring a brighter future for generations to come.
To learn more about the Inflation Reduction Act, its potential impact, and chances of becoming law, check out these articles:
Vox - What’s in the “game changer” climate bill nobody saw coming
Washington Post - How the Schumer-Manchin climate bill might impact you and change the U.S.
The New York Times - Democrats Got a Climate Bill. Joe Manchin Got Drilling, and More.
Senate Democrats - Legislative text of the Inflation Reduction Act of 2022
What Zander’s been reading this week
This week’s featured article discusses the second-largest river in North America, the Mississippi River. The Mississippi is a defining characteristic of America. Its influence on our nation is so powerful that many popular claims include the fact that “x is the best east (or west) of the Mississippi.” Even with all its glory, we might be restraining the full might of the Mississippi. Writer Boyce Upholt, in an article that originally appeared in Hakai Magazine, writes that the river has been constrained for centuries in order to serve the needs of growing populations in the U.S. south. Today, it’s clear that those previous efforts need to be remedied soon, but debate has only begun on how to repair the delta.
Read this week’s featured article in WIRED - The Controversial Plan to Unleash the Mississippi River
Rapid-fire Facts
Here are some of the past week’s top news headlines, in rapid-fire fashion:
Former President Donald Trump is being investigated by the Department of Justice for his role in efforts to overturn the 2020 presidential election. It was previously unknown whether or not Trump was personally being investigated in the department’s probe into the January 6, 2021 insurrection on the U.S. Capitol. However, the Washington Post reported this week that DOJ has expanded its probe to include Trump’s actions in December 2020 and January 2021. While DOJ carries on with its own January 6 investigation, the House January 6 Committee will resume their public hearings in September.
The U.S. economy shrank for the second straight quarter, it was revealed on Thursday. In the second quarter of 2022, which ran from April through June, the U.S. gross domestic product shrank at a 0.9% annual rate and 0.2% from the first quarter. In the first quarter, the gross domestic product dropped by 0.4% from the fourth quarter of 2021 and 1.6% annually. The news renewed fears of a recession, as many see two straight quarters of economic decline as a sure sign of a recession. However, the Federal Reserve and National Bureau of Economic Research have yet to declare an economic recession. The news came just one day after the Fed raised interest rates once again by 0.75 percentage points. The Fed’s benchmark borrowing rate now sits at 2.25% to 2.5%.
The U.S. is changing its COVID-19 booster rollout plan. Currently, only individuals who are over 50 years of age or immunocompromised are eligible to receive a second booster shot. The FDA originally planned to open up eligibility to those under 50 years old, but those plans have been shelved. Instead, the U.S. government is planning to speed up the release of a new generation of COVID-19 booster shots. The new booster shot would provide increased protection against the latest variants of the virus, including the highly contagious omicron subvariant BA.5. The new booster shots are expected to be available in the fall.
At least 25 people have died from record flooding in eastern Kentucky. According to Governor Andy Beshear (D-KY), the death toll includes four children and he expects the overall number to grow in the coming days. Torrential rainfall has caused massive amounts of water to rush through the mountainous region. The governors of Virginia and West Virginia also declared states of emergency after major flooding occurred in those states as well. This week’s floods came just a few weeks after flooding caused over 50 people to go missing in rural southwestern Virginia, where everyone was ultimately found safe.
The United States government has offered Russia a deal that would bring WNBA player Brittney Griner back to the states. Secretary of State Anthony Blinkin announced that the U.S. sent a proposal to Russia that would release Griner and fellow American Paul Whelan from Russian prison. The deal would send Viktor Bout back to Russia, who is a Russian arms dealer currently serving a 25-year prison sentence in the U.S.
Zander’s Facts Sporting Club
Here are some of the top sports stories from the past week in the ZF Sporting Club:
The 2022 UEFA European Women's Football Championship will conclude on Sunday. The final match of the tournament will take place between England, the hosts of the competition, and Germany. In the 12 previous editions of the competition, Germany has emerged victorious eight times. England has finished runner-up twice and a win on Sunday would clinch their first Women’s Euro title. The 2022 Women’s Euro final will take place later today from Wembley Stadium in London at 12:00 pm et on ESPN and ESPN+.
Washington Commanders owner Daniel Snyder spent over ten hours testifying remotely before the House House Committee on Oversight and Reform. The Thursday hearing continued a Congressional investigation into allegations of misconduct against Snyder and members of the Commanders organization. The hearing was not public and it is unclear whether transcripts of Snyder’s deposition will be released.
This year’s Major League Baseball trade deadline is set for August 2. Until Tuesday’s deadline, many deals will be made but one name sticks out in particular this year. Washington Nationals outfielder Juan Soto is reportedly on the trading block after declining a 15-year, $440 million contract extension with the Nationals. The 23-year-old Soto won the MLB Home Run Derby a few weeks ago. The Nationals currently have the worst record in baseball after winning the World Series with Soto in 2019. With around two months left in the MLB regular season, the Los Angeles Dodgers and New York Yankees are currently leading in the standings.
Basketball Hall of Famer Charles Barkley will not be joining LIV Golf as a broadcaster. Barkley had participated in a pro-am sponsored by LIV on Thursday at Trump National Golf Club in Bedminister, NJ. Barkley said that after he hadn’t received an offer from LIV, he decided that he would return to TNT as an analyst on Inside the NBA. LIV is under scrutiny for being funded by the Public Investment Fund, an arm of the Saudi Arabian government. Protestors gathered at the events this weekend at Trump National, where former President Donald Trump was also competing in the pro-am.
The final of the 2022 U.S. Open Cup is officially set. The U.S. Open Cup is a domestic knockout cup soccer competition and is the oldest soccer competition in the United States, having first been played in 1914. Orlando City of MLS will take on Sacramento Republic of the USL Championship, the second tier of American soccer. Sacramento becomes the first non-MLS side to make the final since 2008 and would be the first club not in MLS to win the title since 1999. The 2022 U.S. Open Cup final will take place on September 7 at 8:00 pm et on ESPN+.
Wrapping up the Facts
Before this edition of Zander’s Weekend Facts wraps up, here’s another reminder to check out the latest episodes of the Zander’s Facts podcast. Download and listen to Episode 72, along with every episode of Zander’s Facts, wherever you get your podcasts. Check out Zander’s Facts’ Linktree page for more on anything Zander’s Facts related: Zander's Facts on Linktree
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That’s a wrap on this week’s edition of Zander’s Weekend Facts. The Facts in print return next Sunday, August 7, 2022.