Analysis: Here, in order of delivery, is a summary of 39 key proposals, pledges or priorities Biden announced in his address last March — and what happened to them.
“My top priority is getting prices under control.”
❓Inflation has been a political albatross for Biden, in part because some economists believe his massive covid relief bill in 2021 may have exacerbated the problem. But getting inflation under control is mainly the job of the Federal Reserve, which has the most effective tools, such as raising interest rates, to combat it. Inflation was 8.5 percent last March, when Biden gave his speech. The most recent Survey of Professional Forecastersa slowdown from 5.
, when the Fed hiked interest rates yet again. But he said it was too soon to declare victory: “We will need substantially more evidence to be confident that inflation is on a long, sustained downward path.”❌ Biden’s Inflation Reduction Act would have capped the cost of insulin at $35 for all Americans, but Senate Republicans used a parliamentary rule“While we’re at it, let Medicare negotiate lower prices for prescription drugs, like the VA already does.
— 10 at first, starting in 2026, with the number growing to 20 a year by 2029 — that have little competition and account for substantial spending.“The American Rescue Plan is helping millions of families on Affordable Care Act plans save $2,400 a year on their health care premiums. Let’s close the coverage gap and make those savings permanent.”
✔️Biden was referring to a provision that made more taxpayers eligible for premium tax credits to buy health insurance through the Affordable Care Act — and which offered a more generous subsidy to people who already qualify. It was due to expire on Jan. 1, but the Inflation Reduction Act
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