INFLATION REDUCTION ACT PASSED BY SENATE AND HOUSE…TO PRESIDENT TO SIGN INTO LAW ………………………………………..
WHAT DOES IT REALLY MEAN TO THE “AVERAGE” AMERICAN FAMILY… WHAT ABOUT THOSE MARGAINALIZED AND UNDERSERVED AMONG US
The Inflation Reduction Act – a pared-down version of Biden’s original Build Back Better plan – will now go to the president’s desk for a signature.
Biden’s original $1.7 trillion domestic package included an array of social investments like universal preschool, paid family leave and an expanded child tax credit. Those social programs were cut over a year of negotiations in the Senate, with moderate Democrats such as Manchin and Kyrsten Sinema of Arizona taking aim at the bill’s cost and impact on the growing national debt.
Even as concessions in negotiations stripped the bill of many social investments and pared down climate investments by more than $100 billion, progressive Democrats still celebrated the Inflation Reduction Act as a legislative win and the largest investment in climate in the nation’s history.
“There would be no Inflation Reduction Act without Build Back Better, and there would be no Build Back Better without the work of the progressive caucus,” Rep. Jamaal Bowman, D-N.Y., said in a progressive caucus news conference early Friday.
The bill would allow Medicare to negotiate prescription drug prices (❗️) – long opposed by the pharmaceutical industry – and extend Affordable Care Act subsidies three more years through 2025.
“We have been trying for decades to prevail, to win legislation that enabled the (Health and Human Services) secretary to negotiate lower drug prices,” Pelosi said in a news conference. “Big Pharma has had a stranglehold on Congress, and we couldn’t get it done until now.”
✅NOTE: Battling Big Pharm’s no small thing!
The global pharmaceutical market has experienced significant growth in recent years. As of end-2021, the total global pharmaceutical market was valued at about 1.42 trillion U.S. dollars❗️❗️❗️ This is a significant increase from 2001 when the market was valued at just 390 billion U.S. dollars. https://www.statista.com/statistics/263102/pharmaceutical-market-worldwide-revenue-since-2001/
It also would reinstate a tax on the oil industry to help pay for the cleanup of hazardous Superfund sites. And it would add 87,000 IRS workers to help process a lengthy backlog of audits, which McCarthy called the “most chilling” part of the act. https://www.usatoday.com/story/news/politics/2022/08/12/house-passes-inflation-reduction-act/10287418002/
sat aug 13 2022 REmbr… G is, as G can only BE. GOOD
amen. so BE it. laff THRU it…yes. in Time.