Hours after the government announced that a key inflation measure rose 7.5% in the 12 months ending in January, the steepest annual increase in 40 years, Biden acknowledged the impact on Americans and vowed to work to alleviate the surge in prices.
“Inflation is up. It’s up. And (I’m) coming from a family (that), when the price of gas went up, you felt it in the household. You knew what it was like. It matters,” Biden said in his remarks, which took place at Germanna Community College in Culpeper, Virginia. “But the fact is that if we are able to do the things I’m talking about here, it’ll bring down the costs for average families.”
The legislation, known as Build Back Better, revives the Democrats’ effort to allow Medicare to negotiate drug prices. It would empower the agency to negotiate the prices of certain costly medications administered in doctors’ offices or purchased at the pharmacy — up to 20 medications starting in 2028….