Local groups tout importance of Inflation Reduction Act

MADISON, Wis. — Members of a number of organizations gathered in Madison Wednesday morning to tout the importance of a bill making its way through Congress that is designed to reduce inflation.

The 725-page Inflation Reduction Act of 2022 — the formal name of the legislation that comes as the result of a deal last week between Senate Majority Leader Chuck Schumer (D-N.Y.) and moderate Sen. Joe Manchin (D-W.V.) — covers priorities ranging from reforms to corporate taxes and prescription drugs to reducing carbon emissions.

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Wisconsin State Treasurer Sarah Godlewski — who recently ended her bid to represent the state in the U.S. Senate — said the bill’s provisions could help bring down costs by making health care and prescription drugs more affordable.

“We are the richest country in the world. We as a taxpayer pay for the development of these prescription drugs, but then on the back end we allow pharmaceutical companies to price gouge,” she said. “It’s about time that Medicare is finally allowed to negotiate these prices.”

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The Congressional Budget Office estimates the legislation would lead to a net decrease of $102 billion in the country’s deficit between 2022 and 2031.

More than half a dozen groups co-hosted Wednesday’s event, including Citizen Action of Wisconsin, Family Friendly Wisconsin, For Our Future Wisconsin, the Main Street Alliance of Wisconsin, Opportunity Wisconsin, Protect Our Care, the Service Employees International Union – Wisconsin and the South Central Federation of Labor.