The Inflation Reduction Act is a win for working families. Here’s why.September 1, 2022
The new Inflation Reduction Act lifts up American workers and provides relief to struggling families by reducing prescription drug costs, expanding healthcare access, creating good-paying jobs, and taking on climate change.
Did you know that the United States spends more on prescription drugs per person than any other country in the world? The Inflation Reduction Act works to lower out-of-control prescription drug prices by capping costs for people with Medicare and negotiating some high-cost drug prices. Now, 50 million Americans on Medicare won’t have to spend more than $35 a month on insulin or $2,000 a year at the pharmacy.
The Inflation Reduction Act also provides free or cheap health care coverage by extending subsidies for families who earn up to 600 percent of the federal poverty line ($159,000 for a family of four). This is great news for millions of Americans who would’ve otherwise faced unaffordable health care premiums this year.
Finally, the law’s groundbreaking investment in clean energy will put the U.S. on track to cut 40% of carbon emissions by 2030. The Inflation Reduction Act creates good-paying union jobs with “Make It in America” provisions that encourage businesses to use American-made products and increases American manufacturing in the clean energy sector. The law will add nearly 1.5 million American jobs and $250 billion to the economy by 2030, increasing income by nearly $4,000 per person, according to the AFL-CIO. To encourage your family to go green, there are also new tax credits and rebates worth more than $1,000 a year for families that invest in energy-efficient cars and heating systems.
By investing in a fossil free economy that has lower prescription costs and well-paid jobs with worker protections, the Inflation Reduction Act is a big win for American working families.