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Biden puts focus on drug prices in fight against inflation
The Associated Press ^ | February 10, 2022 | By CHRIS MEGERIAN and JOSH BOAK

Posted on 02/10/2022 11:16:58 AM PST by Oldeconomybuyer

Unable to tame inflation that has worsened sharply under his watch, President Joe Biden stressed Thursday that his administration’s policies would cut prescription drug prices and make life more affordable for families.

He traveled to Culpeper, Virginia, on the heels of a dire inflation report on Thursday morning. Consumer prices jumped 7.5% over the year ending in January, as the sources of inflation have broadened on a monthly basis with increases in the costs of rent, electricity, clothes and household furnishings.

Inflation poses a triple threat for Biden. Prices at a 40-year peak have dimmed his public support and endangered his policy agenda, while efforts by the Federal Reserve to curb inflation could meaningfully slow the strong economic growth that had been a highlight of his first year.

“Inflation is up. It’s up.” Biden said. “But the fact is that if we’re able to do the things I’m talking about, it will bring down the cost for average families.”

The president said he will “work like the devil” to bring down gas prices and that “everyone has less money in their pockets today because of high drug costs.”

He said pharmaceutical companies should be able to make a profit, though they cannot price drugs at levels that hurt people’s financial wellbeing.

“The idea that you can charge whatever you want is just not going to happen.” the president said.

Efforts to lower prescription drug costs have long been popular with voters, but bipartisan consensus has proved elusive.

His proposals include capping out-of-pocket medication costs for Medicare recipients at $2,000 per year and insulin at $35 per month. In addition, Medicare would be allowed to negotiate prices for a limited number of prescription drugs and drugmakers would be required to pay rebates if they raise costs faster than inflation.

(Excerpt) Read more at apnews.com ...


TOPICS: Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: brandon; dementia; drugs; inflation
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1 posted on 02/10/2022 11:16:58 AM PST by Oldeconomybuyer
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To: Oldeconomybuyer

Makes you wonder why one of the first things Biden did after the being inaugurated was reverse Trump’s EOs which lowered drug prices.


2 posted on 02/10/2022 11:19:48 AM PST by skeeter
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To: Oldeconomybuyer

Does this include lowering the prices of heroin and meth?


3 posted on 02/10/2022 11:21:17 AM PST by rovenstinez
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To: Oldeconomybuyer

They love it when Americans take the drugs.


4 posted on 02/10/2022 11:21:56 AM PST by BusterDog
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To: Oldeconomybuyer

[sigh]

Not every person / company / industry uses or needs drugs. However, oil / gas is necessary for every household, car, truck, business in America.

If you want to bring down inflation, return the cost of oil/gas to Trump presidency levels.


5 posted on 02/10/2022 11:22:22 AM PST by taxcontrol (The choice is clear - either live as a slave on your knees or die as a free citizen on your feet.)
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To: Oldeconomybuyer

This administration is a clown circus. They don’t even have a grasp of basic economics.


6 posted on 02/10/2022 11:27:13 AM PST by mort56
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To: Oldeconomybuyer

Yeah well- while biden ‘focuses’ - Trump DELIVERED!


7 posted on 02/10/2022 11:28:14 AM PST by Bob434
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To: All
Unable to tame inflation that has worsened sharply under his watch

Implies that he's actually tried...which he hasn't.

“everyone has less money in their pockets today because of high drug costs.”

Everyone? Like perfectly healthy 20-30 somethings? Nope. Not everybody is on a slew of high-priced medications. EVERYBODY eats. Nearly EVERYBODY buys gasoline.

These people are ridiculous.
8 posted on 02/10/2022 11:30:10 AM PST by mmichaels1970
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To: Oldeconomybuyer
When the government prints too much money, inflation results. It's as simple as that.

Look at Venezuela, Zimbabwe, or post WWI Germany.

9 posted on 02/10/2022 11:30:47 AM PST by sima_yi ( Reporting live from the far North)
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To: Oldeconomybuyer

Give $20 billion or so to crony-capitalists Pfizer, Moderna for government-sponsored vaccines, and he’s surprised they want more $$ from Uncle Sugar Daddy?


10 posted on 02/10/2022 11:33:10 AM PST by PGR88
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To: Oldeconomybuyer

Gotta keep helping Big Pharma when the vax profits run out.


11 posted on 02/10/2022 11:33:36 AM PST by Nextrush (FREEDOM IS EVERYBODY'S BUSINESS REMEMBER PASTOR NIEMOLLER)
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To: All
His proposals include capping out-of-pocket medication costs for Medicare recipients at $2,000 per year and insulin at $35 per month. In addition, Medicare would be allowed to negotiate prices for a limited number of prescription drugs and drugmakers would be required to pay rebates if they raise costs faster than inflation.

Yeah...that'll help "everybody".....please.
12 posted on 02/10/2022 11:33:37 AM PST by mmichaels1970
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To: Oldeconomybuyer

The sad part is that so many Americans will actually think that the decrepit old fool actually plans to lower prices.


13 posted on 02/10/2022 11:34:18 AM PST by I want the USA back (Government is to be feared much more than the chicom virus.)
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To: Oldeconomybuyer

Ees price kontrols, da?

Or maybe he could just convert a bunch of brand drugs to generics, the way Trump did.


14 posted on 02/10/2022 11:36:23 AM PST by Tolerance Sucks Rocks (Florida: America's new free zone.)
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To: Oldeconomybuyer
As always, blame the drug producers, the oil companies, the meat producers..

It is never half-baked government policies that are the culprit.

15 posted on 02/10/2022 11:40:19 AM PST by fhayek
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To: Oldeconomybuyer

TBOA.
Total Bull Obama Article


16 posted on 02/10/2022 11:41:58 AM PST by Da Coyote
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To: Oldeconomybuyer

Trump did that and then biden undid it.

Now he’s doing it to try to look like the hero.

Liar-in-chief.


17 posted on 02/10/2022 11:46:18 AM PST by metmom (...fixing our eyes on Jesus, the Author and Perfecter of our faith….)
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To: Oldeconomybuyer
Efforts to lower prescription drug costs have long been popular with voters, but bipartisan consensus has proved elusive.

And you can thank the democrats for that.

18 posted on 02/10/2022 11:47:26 AM PST by metmom (...fixing our eyes on Jesus, the Author and Perfecter of our faith….)
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To: skeeter

“ Makes you wonder why one of the first things Biden did after the being inaugurated was reverse Trump’s EOs which lowered drug prices.”

That can’t be repeated enough. This is yet another problem created by President Retard 🤪

Glad I’m not a diabetic - he screwed them over on insulin too after Trump dropped the prices.


19 posted on 02/10/2022 11:48:18 AM PST by NWFree (Somebody has to say it)
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To: Oldeconomybuyer

Yessiree! Putting Band-Aids on the symptoms is always an effective approach to fixing the disease.


20 posted on 02/10/2022 11:50:56 AM PST by ProtectOurFreedom (If truckers quit their jobs, society would collapse. If politicians quit their jobs...HALLELUJAH!)
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