You’ve heard all about the Inflation Reduction Act that President Biden signed into law last week. You know that it is the largest investment the U.S. has ever made in combating climate change. And you know that the new law will help save Americans money.
Here’s a brief look at some of the biggest cost-saving measures. The newly enacted Inflation Reduction Act will:
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Empower Medicare to negotiate prescription drug prices.
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Cap the cost of insulin at $35 per month for those on Medicare.
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Cap prescription drug costs for those on Medicare at $2,000 per year by 2025.
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Lower health care costs by an average of $800 per year for ACA marketplace enrollees.
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Require drug companies to rebate price increases that have outpaced inflation.
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Lower energy bills by $500-$1,000 per year.
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Finally take meaningful climate action.
This is the type of smart, common-sense policy that we can pass For The People when Democrats control Congress and the White House. And we got it done without a single Republican vote. Where was the GOP when Americans needed action from their leaders? Republicans were sitting on the sidelines, pointing fingers, hoping inflation would keep worsening so they could use it as a political talking point.
But John, Democrats overcame Republican obstructionism, and we took action. Inflation is leveling off. Gas prices are coming down. Prescription drug prices are decreasing. And American consumers can finally start seeing some relief.
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