Nov. 18 (UPI) — President Joe Biden met with business and labor leaders on Friday to talk about steadying the economy and touted some of the benefits of his Inflation Reduction Act.
Speaking with executives from Ford, Kaiser Permanente and Carrier as well as the presidents of the Service Employees International Union and United Food and Commercial Workers, Biden highlighted numbers that showed the economy may be turning around.
“The economy grew at 2.6% last quarter while inflation started to slow and unemployment stayed low,” the President said. “We’ve added jobs every single month of my presidency, more than 10 million jobs total.”
Biden also highlighted the benefits that seniors on Medicare will receive. Starting Jan. 1, the Inflation Reduction Act caps monthly co-pays at $35 per prescription for seniors on Medicare and makes certain vaccines free for Medicare Part D.
“People are going to get a little more breathing room come January 1,” Biden said.
The law also extended tax credits for those purchasing health insurance through Affordable Care Act marketplaces that were set to expire at the end of this year.
“Right now four out of five folks who get healthcare through the Affordable Care Act can get health coverage for $10 a month or less,” Biden said. “Already we’ve seen nearly a 40% increase in new sign ups over last year.”
Biden also highlighted tax credits that people can receive to make their homes more energy efficient.
“If you’re living in a home with drafty windows, starting January 1, you’ll be able to save up to $1,100 on the cost of replacing them,” Biden said. “That’s good for your wallet but its also good for the environment because you’re using less energy.”
