Biden Touts Success in Slashing Prescription Drug Prices for 49 Million on MedicareBiden administration pushes through Inflation Reduction Act, cutting drug prices for Americans.
By Main Street Sentinel Staff
“We took on big pharma and we beat them, finally,” President Biden recently announced. The Biden administration has successfully pushed through the Inflation Reduction Act, which will “lower drug costs for the 49 million people on Medicare.”
The act will allow Medicare to bargain with insurance companies over the price of drugs. This legislation also provides free-of-charge vaccinations, caps consumers’ drug expenses at $2,000, and limits monthly insulin costs at $35.
The measure comes as inflation continues to trouble Americans. Biden also recently announced an 8.7 percent rise in Social Security benefits, intended to offset the effects of inflation for seniors.
Republicans have seen the continuing rise in prices as an opportunity to gain seats in the coming elections. President Biden is highlighting his administration’s efforts to curb inflation and help citizens as November nears. He has charged Congress to bring down insulin prices “for all Americans, not just those on Medicare.”