Inflation Reduction Act Now A Law - Rallying Climate, Healthcare
Several Biden administration officials and Democrats called the signing of the Inflation Reduction Act as a landmark decision by the president. The IRA makes families save money without compromising their health as it also imposes a huge tax on filthy rich corporations. Seems fair, right? Oh, and Mother Nature benefits, too.
Author:Hajra ShannonReviewer:Paula M. GrahamAug 18, 2022498 Shares55.3K Views
The $700 billion bill called the Inflation Reduction Act(IRA) became a law after U.S. President Joe Biden signed it on August 16.
While the amount varies - CNN, for one, put it at $750 billion - one thing’s for sure: the bill’s “a Godsend.”
That’s according to President Biden, himself, in his speech for the signing ceremony at the State Dining Room of the White House.
Not only did the 79-year-old POTUS describe the bill as “a Godsend to many families,” he likewise believed it was “so, so long overdue.”
The Inflation Reduction Act tackles matters concerning:
healthcare
government deficit
taxation
climate change
Representative John Yarmuth (3rd Congressional District of Kentucky), chairman of the House Budget Committee, sponsored the bill.
The House of Representatives started discussing the bill on November 5, 2021.
On August 2, 2022, it was first read in the Senate.
It was presented to the president on August 15.
Speaker Nancy Pelosi said, as quoted by the National Public Radio (NPR):
“„
If you . . . wonder how you’re going to pay the bills - your healthcare bills, your prescription drug bills - this bill’s for you.
The Inflation Reduction Act will specifically benefit working families, seniors, and small businesses.
New Inflation Reduction Act Is A 'Small Step' In Right Direction, Not Historic
Moreover, the Inflation Reduction Act includes what Democrats (the ones who voted for IRA) refer to as “prescription drug pricing reform.”
Per Senate estimate, this pricing reform could raise $265 billion in government revenue.
Through IRA, Medicare, the government’s health insurance program for senior citizens (65 and up), can negotiate to cut the cost of some prescription drugs.
Furthermore, beginning in 2025, there will be an annual $2,000 cap on prescription drugs bought by senior recipients of Medicare.
Male pharmacist explains discounted price of medicine to female African-American senior Medicare recipient