Remarks by President Biden in Roundtable with Business and Labor Leaders on the Inflation Reduction Act – The White House

by | Aug 4, 2022 | Business

Via Teleconference

1:53 P.M. EDT

THE PRESIDENT:  Good afternoon, folks.  I’m here with leaders from some of the — America’s largest companies and labor organizations: Kaiser Permanente, General Motors, Cummins, Carrier, Ameren, you know, the United Auto Workers, the AFL-CIO.

They’re all here because they believe that the Inflation Reduction Act meets the needs of working families now and what our economy needs now for stronger, sustained economic growth in the years ahead. 

Let me tell you a few things about what this bill does.

First, it will lower healthcare costs for millions of Americans who buy coverage from the Affordable Care Act, locking in the healthcare premiums that save 13 million people an average of $800 a year.

This comes on top the news that we have the lowest percentage of Americans who are uninsured than ever before in our history thanks to the Affordable Care Act, as well as the American Rescue Plan that I signed into law last year that saved families an average of $240 [sic] — $2,400 in premiums.  $2,400 in premiums.

The Inflation Reduction Act is also going to deliver on a promise Washington has made for years: give Medicare the power to negotiate prescription drug prices.

This bill will save the American pe …

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