Governor Whitmer Announces Support For Inflation Reduction Act, Citing Lower Prescription Drug & Energy Costs For MichigandersExperts say the new law brings cost of living down for Michigan families by reducing insurance premiums, energy bills and prescription drug costs with a deficit reduction and without a tax increase for family incomes under $400,000.
By Main Street Sentinel Staff
In August 2022, congress passed the Inflation Reduction Act which experts say will bring down cost of living for Michigan families and help the economy recover.
The Act has numerous provisions aimed at lowering costs including allowing Medicare to negotiate lower prescription drug prices, bringing down health insurance premiums, and lowering household energy costs. The law does this while simultaneously reducing the federal deficit and prohibiting any tax increases on families making under $400,000 a year.
Michigan Gov. Gretchen Whitmer has voiced her support for the Inflation Reduction Act citing how it will lower prescription drug and energy costs while boosting the economy because it will bring down costs of living for Michigan families and help continue economic recovery.
“This commonsense legislation will lower the cost of prescription drugs, health care, and energy, and create and protect millions of good-paying manufacturing jobs,” the governor said in a statement. “My administration is working every day to lower costs, and this legislation will provide even more relief to families.”
“This bill will keep more money in people’s pockets. For seniors on Medicare, out-of-pocket prescription drug costs will be capped at $2,000 a year and insulin will cost no more than $35 a month, saving lives. 13 million Americans will save $800 a year on premiums, and 3 million will be able to keep their insurance.”
Conservative commentator Tudor Dixon says she opposes the law, claiming “it will raise taxes on all Michiganders.”