President Joe Biden and Vice President Kamala Harris recently appeared together at an official event held at Prince George’s County Community College in Maryland. This joint appearance comes after Biden exited the 2024 race and endorsed Harris as his successor on the Democratic ticket. During the event, they discussed the economy and highlighted the efforts their administration has made to alleviate costs for Americans.
One significant announcement made by the administration was the agreement reached by the Department of Health and Human Services on price negotiations for 10 commonly used drugs. The administration claims that this agreement will save Medicare enrollees $1.5 billion in out-of-pocket costs when the new prices go into effect in 2026. This move is part of the Inflation Reduction Act, a 2022 law that allows the government to directly negotiate with drug manufacturers for the first time in Medicare’s history.
Vice President Harris expressed her support for the deal, stating that it will be “lifechanging for so many of our loved ones across the nation.” She emphasized the importance of ensuring that every American can access the healthcare they need, regardless of their income or wealth. Harris also highlighted her role in passing the Inflation Reduction Act, casting the tie-breaking vote in the Senate.
While Harris is aligning herself with Biden’s agenda to lower costs, she is set to make her own campaign remarks in North Carolina, where she will unveil her economic platform to address the rising cost of living. One key proposal she plans to put forward is a federal ban on corporate price-gouging on food and groceries. Additionally, she aims to grant the Federal Trade Commission and state attorneys general the power to investigate and penalize companies that violate these new rules.
Harris has been vocal about eliminating a tax on tips for service workers, a plan that former President Donald Trump introduced weeks ago. Her economic agenda also includes measures to reduce healthcare and housing costs. Through these proposals, she aims to ensure fair pricing in competitive markets and prevent excessive prices that do not align with the costs of doing business.
In contrast, Trump delivered his own remarks focused on the economy, where he criticized the Biden-Harris administration’s record and outlined his proposal to eliminate the tax on tips and taxes on Social Security benefits for seniors. However, many of Trump’s criticisms included falsehoods about the state of the economy and his own record. He claimed that with four more years of Harris, the country’s finances would never recover, and he urged people to vote for him to bring back the American dream.
In conclusion, President Biden and Vice President Harris are working together to address the economic challenges faced by Americans. Their administration’s efforts to lower healthcare costs through negotiations with drug manufacturers are expected to save Medicare enrollees billions of dollars. Additionally, Harris is set to unveil her economic platform, which includes measures to combat price-gouging and reduce healthcare and housing costs. While Trump criticized the Biden-Harris administration and made promises to improve the economy, his remarks were tainted with falsehoods. The future of the economy will depend on the policies and initiatives implemented by the current administration.
