Steve Holland

CULPEPER VA. (Reuters – The U.S. president Joe Biden defended his plans to lower the price prescription drugs in an effort to counter high inflation. He did this on a Thursday when data from government agencies showed that consumer prices experienced the largest increase in 40 years.

Biden stated at a Virginia event that his Build Back better legislation could help lower the cost of living for families. Biden stated previously that the roughly $1.7 million bill which contains climate change and social expenditure provisions is currently in limbo. He also said before that smaller pieces of his legislation could be passed.

On Thursday, U.S. stockindices fell after consumer prices data raised concerns about a significant Federal Reserve interest rate increase. The Labor Department reported that consumer prices increased 7.5% over the twelve months to January. This is the highest increase since February 1982.

Biden’s plan is included in the Build back Better legislation and would grant the federal government’s Medicare program to seniors the authority to negotiate drug prices.

Biden stated, “The truth is that we can do these things here, it will bring down the costs for average families.”

Biden stated that Build Back Better was already approved by the House of Representatives. “Now all we have is to pass it through the United States Senate.” It’s getting closer.

He stated that “we can do more” to decrease out-of pocket prescription costs. “My proposal calls for drug companies to be held responsible for price rises that are absurd.

Given that Republicans are opposed to the government being able to negotiate prescription drug cost negotiations, the Senate has a narrow majority of Democrats.

Biden’s low popularity and exhaustion from the pandemic continue to hurt his image. It has also caused concern among Democrats about the possibility of losing control in November.

Biden was joined at the event by Abigail Spanberger (Democratic Representative of Virginia), who is likely to face a challenging re-election campaign in November. Xavier Becerra, his Secretary of Health and Human Services has come under fire for playing a small role in fighting COVID-19. Biden expressed gratitude for Becerra’s “how much” he has helped make healthcare affordable and get people vaccinated.