Biden uses State of the Union speech to tout his economic track record
Biden uses State of the Union speech to tout his economic track record
President Joe Biden used his State of the Union speech on Thursday night to try to convince Americans that his economic policies had improved their lives.
Biden said he “inherited an economy that was on the brink” and claimed that his administration had helped U.S. businesses and consumers bounce back from the pandemic. He also talked about plans for further recovery.
In the address, President Biden defended his record on the economy. He said legislation passed in his first term, like the Bipartisan Infrastructure Law and CHIPS Act, helped create a healthy labor market.
“Fifteen million new jobs in just three years — a record. A record,” Biden stated. “Unemployment at 50-year lows.”
The president pointed out that the Inflation Reduction Act will cap out-of-pocket prescription drug costs for seniors on Medicare at $2,000 a year starting in 2025. The Act also allows Medicare to haggle over the prices it pays for some drugs.
“This year, Medicare is negotiating lower prices for some of the costliest drugs on the market that treat everything from heart disease to arthritis,” Biden said. “It’s now time to go further and give Medicare the power to negotiate lower prices for 500 different drugs over the next decade.”
But President Biden can’t just do that. He needs Congress to change the law. And even if the president wins a second term, he could face obstacles on Capitol Hill, according to Larry Levitt, head of health policy at KFF.
“So if Congress is divided, many of these plans from President Biden won’t be worth the paper they’re printed on,” he said.
That goes for many of the other goals in the president’s speech — including revamping the tax code, building and renovating two million affordable homes, and making college more affordable.
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