CHARLESTON, W.Va. (WOWK) — The Inflation Reduction Act of 2022 is now the law of the land and those who passed it are out detailing it to the public.
When the Senate split 50-50 on this bill, there were a lot of critics, but President Biden signed it into law after Vice President Kamala Harris cast the tie-breaking vote.
U.S. Senator Joe Manchin was the one of the key authors of the legislation, and as so often happens, he was one of the pivotal votes. Manchin held a round table discussion in Charleston on Friday, Aug. 19, 2022 surrounded by key business leaders, labor and civic leaders and others with vested interests in the provisions.
One of the key pillars of the law is to allow Medicare to negotiate lower drug prices for senior citizens.
The measure will also allow for a mix of traditional fossil fuels along with more clean, renewable energy development sources, which have been growing in popularity in West Virginia.
“More energy is going to be produced. We’re going to be producing more oil and gas. We’re going to be developing more opportunities as far as in energy with wind and solar. Hydrogen in West Virginia,” said Sen. Joe Manchin (D) West Virginia.
“Medicare is going to negotiate for the top ten most expensive drugs. It can save, according to the Congressional Budget Office, more than three billion dollars,” said Gaylene Miller, State Director of the West Virginia AARP.
The cost savings of lower prices can then be passed along to consumers, and it is hoped that that will help lower inflation. The negotiated lower drug prices, including a cap on insulin payments and vaccines for seniors, will go into effect on January first.
Now many Republicans, including the governor and the other members of the state’s Congressional delegation, believe the new law will add to inflation because of a big increase in government spending.
The public will have to wait and see.