With inflation raging near its highest level in four decades, Congress is poised to approve President Joe Biden's signature Inflation Reduction Act.
WASHINGTON — With inflation raging near its highest level in four decades, Congress is poised to approve President Joe Biden's signature Inflation Reduction Act.
Biden himself, in speaking of the legislation's effect on inflation, has cautiously referred to potentially lower prices in individual categories rather than to lower inflation as a whole. This week, the president said the bill would"bring down the cost of prescription drugs, health insurance premiums and energy costs."
Yet Douglas Holtz-Eakin, who was a top economic adviser to President George W. Bush and later a director of the CBO, noted that the lower deficits won't kick in until five years from now and won't be very large over the next decade considering the size of the economy. Those subsidies would free up money for recipients to spend elsewhere, potentially increasing inflation, although Smetters said he thought the effect would likely be very small.
A study by Kaiser found that in 2019, 1.2 million Medicare recipients spent an average of $3,216 on drug prescriptions. Purvis said recipients who use the most expensive drugs can spend as much as $10,000 or $15,000 a year.
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