President Biden has taken steps to address rising costs for essential goods and lower drug prices. He has urged Big Box corporations and grocery chains to eliminate “shrinkflation,” where consumers receive less of a product while prices remain high. Additionally, during his State of the Union address, Biden proposed that Medicare should be allowed to negotiate prices for at least 50 drugs annually, an increase from the previous target of 20. This change could potentially lead to lower drug costs for individuals outside of Medicare as well.
In an effort to tackle rising costs, Biden has also taken action on energy prices. He recently announced the release of 1 million barrels of gasoline ahead of the summer driving season. Additionally, in 2022, when energy costs surged following Russia’s invasion of Ukraine, the administration tapped into tens of millions of barrels of oil from the Strategic Petroleum Reserve to help stabilize prices that had exceeded $5 per gallon. These actions demonstrate Biden’s commitment to addressing rising costs and ensuring affordability for consumers.
