President Joe Biden is expected to highlight his administration’s effort to cut prescription drug costs on Friday as part of a three-state tour of the West this week as he faces abuse reports. severe outbreak in the final weeks leading up to the midterm elections.
Biden will visit a community college in Irvine, California, to meet seniors and advertise his administration’s efforts to reduce inflation and cut costs. The visit follows the announcement that millions of Social Security recipients will receive an 8.7% increase in benefits by 2023, a historic increase but a portion of the profits will be swallowed up by rising costs on a daily basis.
Despite the president’s best efforts, inflation is rising and Republicans are taking advantage of rising prices, seeing openings in California and elsewhere to potentially win seat in the United States House of Representatives. The president will also make his case in Oregon before heading back to the East as the race for the Democratic gubernatorial position ends in a divisive independence vote.
Consumer prices, excluding volatile food and energy costs, rose 6.6% in September from a year ago – the fastest pace in four decades. And on a monthly basis, those “core” prices rose 0.6% for the second time in a row, defying expectations of a decline and signaling that more Fed rate hikes are still far from over. turn off inflationary pressure. The underlying price often provides a clearer picture of the underlying price trend.
He also returned to a metaphor he often used during his first year in office, referring to issues Americans talk about around the “kitchen table,” touting his administration’s effort to cut costs. even as inflation rises. “From prescription drugs, health insurance, energy bills, and more,” he says. “We protect workers and their right to a raise and a better job.”
Biden acknowledged the problem on Thursday, saying, “Americans are squeezed by the cost of living. It’s been true for years, and people don’t need a report to say they’re in a hurry.
The White House said Biden will also sign an executive order directing the US Department of Health and Human Services to look for additional measures to reduce drug costs.
The Inflation Reduction Act, signed into law earlier this year, requires Medicare to begin negotiating the prices of certain drugs starting next year. The agency is tweaking how that process works, hiring new staff for its drug pricing division, and expects to select the first 10 drugs for business by 2023.
Any additional proposals to reduce drug costs are likely to encounter resistance. This newly won drug price negotiation power is controversial, with the powerful pharmaceutical industry lobbying against the rule and considering legal action to block its implementation. Republicans have proposed legislation that would take away Medicare’s bargaining power before negotiations even begin. Starting next year, pharma companies will now have to pay Medicare penalties if they raise the price of their medicines faster than inflation.
The new bill will help reduce prescription costs for Medicare’s 49 million beneficiaries in a variety of less contentious ways. It eliminates vaccination prices, caps monthly out-of-pocket insulin expenditures at $35, and caps out-of-pocket prescription costs at $2,000 beginning in 2025.
- In the midterm press, Biden is fighting to cut prescription drug costs
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