NEWS ROUNDUP: INFLATION REDUCTION ACT LOWERS PRICES ACROSS THE NATION

FOR IMMEDIATE RELEASE 
October 31, 2022

Contact: 
TJ L’Heureux, Press Secretary
[email protected]

NEWS ROUNDUP: INFLATION REDUCTION ACT LOWERS PRICES ACROSS THE NATION

From Energy to Insulin, the IRA is Pushing Prices Down

WASHINGTON, D.C. — The Inflation Reduction Act is lowering prices for working American families across the country, according to local news outlets. The bill’s public investments will save Americans money on energy bills, prescription drugs, and health care.

The law is having a huge positive impact for working Americans in all parts of the country, including in districts and states whose Congressional representatives did not vote for the law.

Here’s what local news outlets are saying about the Inflation Reduction Act:

  • 89.3 WFPL Louisville: How a major Medicare change could help seniors with high drug costs

    • Policymakers listened: Part of the Inflation Reduction Act passed in August caps out-of-pocket costs for seniors who have the Medicare prescription drug benefit known as Part D.

    • The federal Medicare health insurance program for older Americans is taking a historic step: Starting in 2025, the 48 million seniors in the program will not have to spend more than $2,000 of their own money on prescription drugs each year. Currently, there are no spending limits, forcing some seniors relying on expensive drugs to clear out savings and retirement accounts to pay for medications.

    • The new limit targets an estimated 1.4 million older Americans who spend more than that annually.

    • The IRA’s ambitious goal is to cut costs for seniors and the Medicare program overall, while increasing the share of costs to insurance companies and drug manufacturers.

  • Minnesota Reformer: Inflation Reduction Act lives up to its name when it comes to prescription medicine

    • Americans pay more for health care than anyone in the world, with the average family spending thousands of dollars on their annual health needs. But the tides are changing as President Biden and Democrats just passed the Inflation Reduction Act into law, which will deliver health care savings to millions and put working families first.

    • The bill’s measures to lower health care premiums and drive down drug prices are going to make a world of a difference for people like me, but also for countless working families, seniors, people with disabilities and communities of color. That’s why I recently joined Protect Our Care’s nationwide bus tour in St. Paul to celebrate lower health care costs and explain to Minnesotans how they can access these new savings. 

    • The Inflation Reduction Act includes the most significant expansion of affordable health care in more than a decade. This legislation lowers premium costs for 13 million Americans who purchase coverage on the Affordable Care Act marketplaces, including over 70,000 in Minnesota. The new law also takes on the exorbitant cost of prescription drugs.

  • Michigan Radio (NPR): Michigan utilities say Inflation Reduction Act will lower cost of transition to renewable energy

    • The Inflation Reduction Act (IRA) may as well have been named the Emissions Reduction Act – and Michigan utility officials praised its clean energy benefits during recent calls with investors.

    • The IRA includes $369 billion in Energy Security and Climate Change programs over the next ten years, with an aim of reducing U.S. greenhouse gas emissions by 40% by the year 2030.

    • Consumers Energy President Garrick Rochow told investors during last week’s call that “we see a lot of benefits in this new legislation.”

    • Rochow said the IRA’s extension of tax credits for both wind and solar provides economic certainty and lowers costs for the company.

  • WAMC Northeast Public Radio: Gillibrand touts Inflation Reduction Act to lower health care costs

    • New York U.S. Senator Kirsten Gillibrand promoted the Inflation Reduction Act at Mid-Hudson Regional Hospital Poughkeepsie Thursday, saying it will lower prescription drug prices and health care costs for millions of Americans.

    • The Democrat says the law will allow Medicare to negotiate directly for the price of prescription drugs in 2023; cap Medicare out of pocket drug costs at $2,000 a year; provide free vaccines for seniors; cap monthly cost-sharing for insulin at $35 and expand premium and co-pay insurance for prescription drugs for low-income individuals.

    • “Unfortunately, some of the drug companies have been price gouging in the past three years of the pandemic. So, the Inflation Reduction Act lowers those prices,” said Gillibrand.

    • Gillibrand adds the package will prevent an estimated 49,000 New Yorkers from losing their health insurance.

About Invest in America

Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.

The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.

Learn more at InvestInAmericaNow.com and @InvestNowUSA, and InvestinAmericaProject.com.

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