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 ...
Makes you wonder why one of the first things Biden did after the being inaugurated was reverse Trump’s EOs which lowered drug prices.
Does this include lowering the prices of heroin and meth?
They love it when Americans take the drugs.
[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.
This administration is a clown circus. They don’t even have a grasp of basic economics.
Yeah well- while biden ‘focuses’ - Trump DELIVERED!
Look at Venezuela, Zimbabwe, or post WWI Germany.
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?
Gotta keep helping Big Pharma when the vax profits run out.
The sad part is that so many Americans will actually think that the decrepit old fool actually plans to lower prices.
Ees price kontrols, da?
Or maybe he could just convert a bunch of brand drugs to generics, the way Trump did.
It is never half-baked government policies that are the culprit.
TBOA.
Total Bull Obama Article
Trump did that and then biden undid it.
Now he’s doing it to try to look like the hero.
Liar-in-chief.
And you can thank the democrats for that.
“ 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.
Yessiree! Putting Band-Aids on the symptoms is always an effective approach to fixing the disease.
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