LOS ANGELES: President Joe Biden is expected to highlight his administration’s efforts to cut prescription drug costs on Friday as part of his three-state Western tour this week as he faces an inflation report that sobering in the final weeks leading up to the midterm elections.
Biden will visit a community college in Irvine, Calif., to meet with seniors and tout his administration’s efforts to reduce inflation and cut costs. This visit follows the announcement that millions of Social Security recipients will see an 8.7% increase in their benefits in 2023, a historic increase but a gain that will be partly swallowed up by the rising cost of daily living.
Despite the president’s efforts, inflation is rising and Republicans are taking advantage of rising prices, seeing openings in California and elsewhere to potentially resume American house seats. The president will also make his case in Oregon before returning to the East as the Democratic gubernatorial race reliably ends in a split independent vote.
Consumer prices, excluding volatile food and energy costs, jumped 6.6% in September from a year ago – the fastest pace in four decades. And on a month-to-month basis, those “core” prices climbed 0.6% for the second time in a row, defying expectations of a slowdown and signaling that the Fed’s multiple rate hikes have yet to blunt headwinds. inflationary pressures. Basic prices generally provide a clearer picture of underlying price trends.
Biden acknowledged the problem Thursday, saying “Americans are squeezed by the cost of living. That’s been true for years, and people don’t need a report to tell them they’re squeezed.” .
He also returned to a metaphor he used often during his first year in office, referring to issues that Americans talk about around the “kitchen table”, touting his administration’s efforts to cut costs even then. that inflation increases.
“From prescription drugs, to health insurance, to energy bills, and so much more,” he said. “We stand up for workers and their right to get a raise and get a better job.”
The White House said Biden will also sign an executive order that will direct the US Department of Health and Human Services to seek additional ways to reduce drug costs.
Biden will visit a community college in Irvine, Calif., to meet with seniors and tout his administration’s efforts to reduce inflation and cut costs. This visit follows the announcement that millions of Social Security recipients will see an 8.7% increase in their benefits in 2023, a historic increase but a gain that will be partly swallowed up by the rising cost of daily living.
Despite the president’s efforts, inflation is rising and Republicans are taking advantage of rising prices, seeing openings in California and elsewhere to potentially resume American house seats. The president will also make his case in Oregon before returning to the East as the Democratic gubernatorial race reliably ends in a split independent vote.
Consumer prices, excluding volatile food and energy costs, jumped 6.6% in September from a year ago – the fastest pace in four decades. And on a month-to-month basis, those “core” prices climbed 0.6% for the second time in a row, defying expectations of a slowdown and signaling that the Fed’s multiple rate hikes have yet to blunt headwinds. inflationary pressures. Basic prices generally provide a clearer picture of underlying price trends.
Biden acknowledged the problem Thursday, saying “Americans are squeezed by the cost of living. That’s been true for years, and people don’t need a report to tell them they’re squeezed.” .
He also returned to a metaphor he used often during his first year in office, referring to issues that Americans talk about around the “kitchen table”, touting his administration’s efforts to cut costs even then. that inflation increases.
“From prescription drugs, to health insurance, to energy bills, and so much more,” he said. “We stand up for workers and their right to get a raise and get a better job.”
The White House said Biden will also sign an executive order that will direct the US Department of Health and Human Services to seek additional ways to reduce drug costs.
