politics
Trump shows off article on lower drug prices that says Biden deserves credit, not him
US president credits himself with lowest drug prices in 60 years, when article says drop is more likely due to Biden
TL;DR
- The White House circulated an image of Donald Trump holding a Washington Post headline stating prescription drug prices saw their sharpest drop in over 60 years.
- Experts cited in the article suggested that a Biden-era policy, the Inflation Reduction Act, is more likely responsible for the price decrease.
- The Inflation Reduction Act, enacted in 2022, allows Medicare to negotiate prices for certain prescription drugs, with initial price reductions taking effect at the beginning of the year.
- Experts like Richard Frank and Stacie Dusetzina from Harvard University and Vanderbilt University, respectively, indicated that Trump's policies were not the main factor behind the drop.
- The price of prescription drugs fell by 3.1% in July, according to Bureau of Labor Statistics data.