PRESS RELEASE: NEW REPORT: PASSING BIDEN’S FULL AGENDA WILL LOWER COSTS FOR FAMILIES

FOR IMMEDIATE RELEASE
April 26, 2022

Contact: 
Jack Miller, Communications Director
[email protected]

NEW REPORT: PASSING BIDEN’S FULL AGENDA WILL LOWER COSTS FOR FAMILIES

Biden Agenda Would Lower Drug, Energy, Childcare Costs

In 2021, the Biden-Harris administration oversaw record job growth, creating 6.4 million jobs and lowering unemployment to a 52-year low. Thus far in 2022, that trend has continued, with an astonishing 1.68 million jobs created in the first few months. Unemployment has dropped to 3.6% and Heather Long from the Washington Post observed that 93% of jobs lost during the pandemic have returned.

This historic economic recovery is no accident. Thanks to the American Rescue Plan and the Bipartisan Infrastructure Law, Americans are getting back to work faster than ever. Both bills made once-in-a-generation investments in America’s economic competitiveness and have enabled millions of families to make ends meet.

Yet today, costs are still too high for American families. The Biden administration has outlined several plans to lower the cost of prescription drugs, energy, and child care, and more.

Invest in America released this report today on how the Biden agenda will lower prices for American workers and families.

Lower Prescription Drug Costs

According to the Commonwealth Fund, “drug-pricing reform would make prescriptions more affordable for patients and help the federal government save money that could be used to address other critical health care gaps.” Here’s how:

  • If drug price negotiations were fully implemented in 2022, 20 prescription drugs and 42 insulin products would be subject to Medicare negotiation, lowering prices for nearly 8.5 million Medicare beneficiaries. That’s 18% of people on Medicare!

  • In 2025, the Department of Health and Human Services (DHHS) would select 100 targeted drugs for negotiation.

    • A 2019 Kaiser analysis found that for Part D drugs (pills, injectables, etc.), the top 50 drugs account for 37% of all Part D drug spending, while for part Part B (drugs administered at the doctor’s office, such as infusions, such as cancer drugs), the top 50 drugs account for 80% of all Part B drug spending.

Help People Afford Insulin, a Lifesaving Necessity

The formula for insulin hasn’t changed, but its price has – it’s doubled since 2012, which follows a nearly 300 percent increase between 2002 and 2013, according to the Congressional Diabetes Caucus Report. Here’s how capping insulin at $35 would help Americans with diabetes:

  • Americans won’t have to ration insulin at alarmingly high rates

    • In a T1 International study, 25.9% of Americans reported having rationed insulin in the previous year. In other high income countries, that number is 6.5%

  • Dangerous conditions and death will be avoided

Help Families Save on Energy Costs

Energy experts claim that energy rebates and tax credits could potentially save consumers up to $500 a year on energy bills. Here’s how:

Ensure Child Care Costs Aren’t Higher than 7% of Income

Due to rising costs, many American families can’t afford quality child care.. Here’s how Biden’s agenda would help those families:

  • The Biden administration has proposed action to make sure no working family pays more than 7% of their income on child care

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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