President Joe Biden jumped on social media Saturday night to take a victory lap on the Inflation Reduction Act, a signature piece of legislation the president is parading ahead of November’s midterm elections.
In a pair of tweets, Biden — who campaigned on “Bringing America together” and “uniting our nation” — knocked Republicans for supporting only “the wealthiest Americans” and opposing a cap on insulin prices.
“If you’re on Medicare, your insulin will be capped at $35 a month thanks to the Inflation Reduction Act. We wanted to cut the cost of insulin for everyone—including hundreds of thousands of children with Type 1 diabetes—but Republicans voted to strike that out of the bill,” Biden tweeted.
In a separate tweet, Biden claimed Republicans were swift to help corporations. Democrats, he said, were swift to implement taxes against them.
HOUSE PASSES BILL CAPPING INSULIN AT $35 A MONTH FOR PATIENTS WITH INSURANCE
“Republicans had no problem enacting a $2 trillion tax cut that overwhelmingly benefited the wealthiest Americans and biggest corporations,” the president tweeted. “Now, thanks to the Inflation Reduction Act, corporations will have to pay a minimum corporate tax of 15%.”
Biden’s $430 billion Inflation Reduction Act, which he signed into law in August, caps the cost of a month’s supply of insulin to $35. Medicare recipients will also not have to pay a deductible for insulin, starting on January 1, 2023.
The law also authorizes the federal government to negotiate prices on some prescription drugs and cap costs for the government’s Medicare health program, Reuters reported.
The government will start negotiating prices for 10 drugs in 2024, which are slated to take effect in 2026. The first of the medicine prices to be negotiated will be for medications that treat diseases such as diabetes, cancer and arthritis. The specific medications will be announced in 2023.
HEALTH CARE CEOS THANK TRUMP ADMINISTRATION FOR CAPPING SENIOR INSULIN COSTS TO $35 A MONTH
The new law also caps out-of-pocket pharmacy drug costs for those enrolled in Medicare at $2,000 per year, starting in 2025.
While Biden’s victory lap included criticizing Republicans for not supporting the cap, it was Republicans — namely former President Donald Trump in 2020 — that first limited the cost of Part D prescription insulin to a maximum $35 copay for a month’s supply.
“President Trump has forged partnerships with pharmaceutical manufacturers and plans to deliver lower priced insulin to our nation’s seniors,” Centers for Medicare & Medicaid Services (CMS) Administrator Seema Verma said at the time. “This market-based solution, in which insulin manufacturers and Part D sponsors compete to provide lower costs and higher quality for patients, will allow seniors to choose a Part D plan that covers their insulin at an average 66 percent lower out-of-pocket cost throughout the year.”
THE COST OF INSULIN CAN BE DEADLY
Biden rescinded the Trump healthcare action within his first year in office.
In recent weeks, Biden has increased his propagandizing against Republicans as the midterm elections are just over 30 days away.
His recent tweets from the official presidential account include calling some Republicans “extremist,” suggesting Trump supporters are “pro-insurrection,” claiming the Republican Party would enact a nationwide abortion ban and that the GOP would “enact extreme policies to threaten access to basic health care.”
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