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17 Nobel laureates in economics say my plan will ease long-term inflationary pressures. Top business leaders and most Americans support my plan. And here’s the plan:
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First – cut the cost of prescription drugs. Just look at insulin. One in ten Americans has diabetes. In Virginia, I met a 13-year-old boy named Joshua Davis.
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He and his Dad both have Type 1 diabetes, which means they need insulin every day. Insulin costs about $10 a vial to make.
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But drug companies charge families like Joshua and his Dad up to 30 times more. I spoke with Joshua’s mom.
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Imagine what it’s like to look at your child who needs insulin and have no idea how you’re going to pay for it.
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What it does to your dignity, your ability to look your child in the eye, to be the parent you expect to be.
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Joshua is here with us tonight. Yesterday was his birthday. Happy birthday, buddy.
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For Joshua, and for the 200,000 other young people with Type 1 diabetes, let’s cap the cost of insulin at $35 a month so everyone can afford it.
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Drug companies will still do very well. And while we’re at it let Medicare negotiate lower prices for prescription drugs, like the VA already does.
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Look, 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.
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Second – cut energy costs for families an average of $500 a year by combatting climate change.
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Let’s provide investments and tax credits to weatherize your homes and businesses to be energy efficient and you get a tax credit; double America’s clean energy production in solar, wind, and so much more; lower the price of electric vehicles, saving you another $80 a month because you’ll never have to pay at the gas pump again.
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Third – cut the cost of child care. Many families pay up to $14,000 a year for child care per child.
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Middle-class and working families shouldn’t have to pay more than 7% of their income for care of young children.
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My plan will cut the cost in half for most families and help parents, including millions of women, who left the workforce during the pandemic because they couldn’t afford child care, to be able to get back to work.
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My plan doesn’t stop there. It also includes home and long-term care. More affordable housing. And Pre-K for every 3- and 4-year-old.
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All of these will lower costs.
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And under my plan, nobody earning less than $400,000 a year will pay an additional penny in new taxes. Nobody.
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The one thing all Americans agree on is that the tax system is not fair. We have to fix it.
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I’m not looking to punish anyone. But let’s make sure corporations and the wealthiest Americans start paying their fair share.
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Just last year, 55 Fortune 500 corporations earned $40 billion in profits and paid zero dollars in federal income tax.
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That’s simply not fair. That’s why I’ve proposed a 15% minimum tax rate for corporations.
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We got more than 130 countries to agree on a global minimum tax rate so companies can’t get out of paying their taxes at home by shipping jobs and factories overseas.
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That’s why I’ve proposed closing loopholes so the very wealthy don’t pay a lower tax rate than a teacher or a firefighter.
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So that’s my plan. It will grow the economy and lower costs for families.
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So what are we waiting for? Let’s get this done. And while you’re at it, confirm my nominees to the Federal Reserve, which plays a critical role in fighting inflation.
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My plan will not only lower costs to give families a fair shot, it will lower the deficit.
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The previous Administration not only ballooned the deficit with tax cuts for the very wealthy and corporations, it undermined the watchdogs whose job was to keep pandemic relief funds from being wasted.
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But in my administration, the watchdogs have been welcomed back.
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We’re going after the criminals who stole billions in relief money meant for small businesses and millions of Americans.
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And tonight, I’m announcing that the Justice Department will name a chief prosecutor for pandemic fraud.
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By the end of this year, the deficit will be down to less than half what it was before I took office.
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The only president ever to cut the deficit by more than one trillion dollars in a single year.
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Lowering your costs also means demanding more competition.
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I’m a capitalist, but capitalism without competition isn’t capitalism.
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It’s exploitation—and it drives up prices.
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When corporations don’t have to compete, their profits go up, your prices go up, and small businesses and family farmers and ranchers go under.
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We see it happening with ocean carriers moving goods in and out of America.
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During the pandemic, these foreign-owned companies raised prices by as much as 1,000% and made record profits.
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Tonight, I’m announcing a crackdown on these companies overcharging American businesses and consumers.
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And as Wall Street firms take over more nursing homes, quality in those homes has gone down and costs have gone up.
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That ends on my watch.
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Medicare is going to set higher standards for nursing homes and make sure your loved ones get the care they deserve and expect.
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We’ll also cut costs and keep the economy going strong by giving workers a fair shot, provide more training and apprenticeships, hire them based on their skills not degrees.
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Let’s pass the Paycheck Fairness Act and paid leave.
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Raise the minimum wage to $15 an hour and extend the Child Tax Credit, so no one has to raise a family in poverty.
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Let’s increase Pell Grants and increase our historic support of HBCUs, and invest in what Jill—our First Lady who teaches full-time—calls America’s best-kept secret: community colleges.
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And let’s pass the PRO Act when a majority of workers want to form a union—they shouldn’t be stopped.
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When we invest in our workers, when we build the economy from the bottom up and the middle out together, we can do something we haven’t done in a long time: build a better America.
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For more than two years, COVID-19 has impacted every decision in our lives and the life of the nation.
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