From August 16, 2022 post
Legislation will lower energy costs, bring down the cost of health care and prescription drugs, and protect New Hampshire’s environment
Today, Congressman Chris Pappas (NH-01) issued the following statement after the Inflation Reduction Act was signed into law:
"I fought to pass this legislation because it takes on the kitchen table issues that Granite Staters need us to address. It includes measures that will lower everyday costs including energy costs, health care costs, and the skyrocketing cost of prescription drugs, all while reducing our deficit, moving us toward energy independence, and fighting inflation. These are important steps forward for our families and small businesses, and I'll always take on billionaire corporations or the big drug companies to do what's right for New Hampshire."
The Inflation Reduction Act will:
Lower the cost of health care and prescription drugs. This legislation will reduce premiums by an average of $1,000/year for a family with coverage through work and an average of $1,500/year for families with coverage through an exchange by fixing the ‘family glitch' and extending and further expanding the health insurance premium tax credits provided in the American Rescue Plan Act. This legislation also heeds Pappas's call to lower prescription drug prices by allowing Medicare to negotiate prescription drug prices, preventing drug companies from raising prices faster than the rate of inflation, capping out-of-pocket costs for seniors on Medicare at $2,000 per year; and capping out-of-pocket costs for insulin for people on Medicare at $35 for a 30 day supply.
Lower energy costs and support U.S. manufacturing. This legislation will extend tax credits for renewable energy, bringing down energy costs for consumers, while also supporting U.S.-based manufacturing by incentivizing the use of steel, iron, and manufactured products made in America in renewable energy projects.
Protect New Hampshire's environment for generations to come. This legislation will take critical steps forward to reduce emissions, combat the climate crisis, and invest in resilient infrastructure; helping to protect New Hampshire's environment and our tourism economy.
Fight inflation. Analysis found that the passage of this legislation will help the Federal Reserve fight inflation without causing a recession.
Reduce the deficit. Analysis found the Inflation Reduction Act is fully paid for and will reduce the deficit by more than $300 billion.
Original source can be found here.
