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Biden Vows to Hold Drug Companies Accountable for 'Absurd' Prices Hikes
Posted
February 11, 2022
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1:59Now PlayingUnable to tame inflation that has worsened sharply under his watch, President Joe Biden stressed Thursday that his administration's policies would cut prescription drug prices and make life more affordable for families.
He traveled to Culpeper, Virginia, on the heels of a dire inflation report on Thursday morning. Consumer prices jumped 7.5% over the year ending in January, as the sources of inflation have broadened on a monthly basis with increases in the costs of rent, electricity, clothes and household furnishings. The pandemic disrupted supply chains and government aid boosted consumer demand, causing prices for gasoline, food and other goods such as autos to rise earlier this year.
Inflation poses a triple threat for Biden. Prices at a 40-year peak have dimmed his public support and endangered his policy agenda, while efforts by the Federal Reserve to curb inflation could meaningfully slow the strong economic growth that had been a highlight of his first year.
"Inflation is up. It's up." Biden said. "But the fact is that if we're able to do the things I'm talking about, it will bring down the cost for average families."
The president said he will "work like the devil" to bring down gas prices and that "everyone has less money in their pockets today because of high drug costs," as he pledged that his policies would give family budgets some breathing room. He said pharmaceutical companies should be able to make a profit, though they cannot price drugs at levels that hurt people's financial wellbeing.
Biden's trip to Virginia also served as an opportunity for him to start promoting his party's candidates in November's midterm elections. He appeared alongside Democratic Rep. Abigail Spanberger, who is in danger of losing her seat representing a central Virginia district.
Biden was introduced by Joshua Davis, whose family spends between $6,000 and $,7000 per year on insulin. His mother said that even though they have health insurance sometimes they use expired insulin to cut costs.
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