Inflation Reduction Act: Two Years Later, $35 Insulin Cap, Kamala Harris's Vote

Aug 16, 2024, 02:16 PM

Two years ago, President Joe Biden signed the Inflation Reduction Act into law, which has since made significant impacts on various sectors. The act has capped insulin costs at $35 a month for seniors and has led to Medicare negotiating lower prescription drug prices, including cutting the cost of 10 important medications in half. It has also introduced a $2000 out-of-pocket cap for Medicare Part D. The legislation is credited with creating over 334,000 new clean energy jobs and is considered the largest investment in climate action in history, aiming to combat climate change and boost the clean energy economy. Vice President Kamala Harris cast the tie-breaking vote for the act. However, there is criticism from some quarters, such as Rep. Ralph Norman, who claims the act has increased the deficit by more than $796 billion, contributing to rising grocery and gas prices.