ICYMI: Council of Economic Advisers’ Jared Bernstein Pushes to Lower Prescription Drug Costs for Americans

On Fox News Sunday, Jared Bernstein of the Council of Economic Advisers described the strong state of the labor market and the recovery of our jobs, while again emphasizing that lowering prices is the president’s top priority. As part of this, he encouraged bipartisan support for measures to make prescription drugs, one of the biggest costs Americans face, much more affordable. As he noted, Americans often pay two to three times as much for the same drugs as Europeans, and for years both sides, including President Trump, have said they favor resolving the issue. this issue.

BERNSTEIN: So you’ve made what I think is a really important point here, which is that, yes, the savings – the high savings from the bailout and other measures are helping a lot to support consumer spending, the real buffer in this time of rising inflation. But you said it couldn’t last forever, and you’re absolutely right.

What you need as a backdrop is a strong job market, because that’s where most people get their income. We have the strongest labor market in history by many conventional metrics. Nine million jobs since this president arrived here.

We talk a lot about all these economic headwinds. If you look at that tailwind of job growth, 375,000 jobs per month over the last three months.

Now you’ve made a point about wage growth. Wage growth is actually quite strong in nominal terms, but inflation is so high. And that’s what the President’s agenda is all about. Helping families pay for prescription drugs, lowering their health insurance premiums, something Congress – I’m looking at the Capitol from the window here – something Congress needs to act on before the August recess, and I speak bipartisan.

You know, I’ve heard Republicans say over the many decades I’ve been here – they want to cut prescription drugs. President Trump has talked about cutting prescription drug costs.

We pay two to three times what people pay in other countries for the same drugs. It is quite simply an unacceptable tax on our seniors.

And we shouldn’t — not only does it help people with affordability, but it saves Medicare $100 billion over ten years. So we should do that tomorrow to answer your question on affordability.


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