Reports from the Department of Health and Human Services (HHS) and pharmaceutical industry analyses

Inflation Reduction Act: Two Years of Progress with Kamala Harris's Tie-Breaking Vote, $35 Insulin Cap

Aug 16, 2024, 01:50 PM

Two years ago, President Joe Biden signed the Inflation Reduction Act into law, marking a significant legislative effort aimed at reducing costs and promoting sustainable economic growth. The law includes provisions such as capping insulin prices at $35 a month for seniors, lowering prescription drug prices, and reducing out-of-pocket healthcare costs. It also represents the largest investment in climate action in U.S. history, with an estimated creation of 1.5 million jobs over the next decade. The act has been credited with supporting clean energy innovation and boosting domestic energy production, while promoting a greener future. Vice President Kamala Harris cast the tie-breaking vote for the act. The Romeros, a father-son duo working at GE in Schenectady, are among those benefiting from the act's support for union jobs. Despite these achievements, some critics argue that the administration's economic policies have led to high inflation and interest rates.