Affordability and the Economy
In Washington, Rep. Larson is focused on the kitchen table issues, including lowering costs for families and strengthening the middle class.
Lowering Costs for Families
As a Member of the Ways and Means Committee, Rep. Larson proudly helped draft the Inflation Reduction Act, landmark legislation that is directly lowering health care and energy costs, including fulfilling his long-time priority of allowing Medicare to negotiate lower drug prices.
Under the Inflation Reduction Act:
Negotiating Lower Drug Prices – For the first time ever, Medicare will be empowered and required to negotiate lower drug prices. Beginning in 2026, the first ten drugs selected for negotiation will see a price reduction of 39% to 79%, resulting in a collective $1.5 billion savings in out-of-pocket costs. Every year, 15 new drugs will see significant price drops.
Lowering Health Care Premiums – Enhanced Affordable Care Act Marketplace subsidies were extended through 2025, helping 65,000 Connecticut residents on the Access Health CT exchange save an average of $220 per month.
Penalizing Big Pharma for Unfair Price Hikes – Drug companies are now required to pay a rebate if they hike prices faster than inflation. Thanks to these rebates, patients have seen savins on hundreds of prescriptions, including Padcev and Adectris.
Reducing Costs for Catastrophic Coverage – Seniors with catastrophic coverage under Medicare Part D will no longer have to pay 5% coinsurance after they pay $7,050 out of pocket, lowering costs for an estimated 16,000 Connecticut seniors.
Making Recommended Vaccines Free – Medicare Part D cost sharing was eliminated for recommended vaccines, including shingles and COVID-19. Before the Inflation Reduction Act, seniors would pay an average of $47 and as high as $100 for vaccines.
Capping Insulin Costs for Seniors – Insulin co-pays were capped at $35 per month for seniors on Medicare, a 35% average saving for Part D Beneficiaries. Since the Inflation Reduction Act was signed into law, the largest producers of insulin have dramatically lowered costs for insulin on the private market as well.
Limiting Out-of-Pocket Drug Costs – Out-of-pocket drug costs were capped at $2,000 per year for seniors. Starting this year, nearly 19 million Americans will save an average of $400 annually.
Lowering Household Energy Bills – The Inflation Reduction Act expanded tax credits to support energy efficiency upgrades for homes and vehicles, and new incentives to deploy green energy, including solar and clean hydrogen.
Rep. Larson is committed to going even further, building on the success of the Inflation Reduction Act to continue lowering health care costs, raising the federal minimum wage to $17 an hour, and increasing the amount of quality and affordable housing.
Opposing the Trump Administration’s Costly Policies
President Trump’s tariffs are creating chaos for American families. Make no mistake about it - they are a tax on consumers. Since taking office, President Trump has promised, cancelled, implemented, revised, and repealed tariffs without consistent or clear strategic rationale. It’s projected that these tariffs will raise costs by thousands of dollars annually. Rep. Larson is a cosponsor of the Stopping a Rogue President on Trade Act (H.R. 2888), which would suspend President Trump’s tariffs on our friends and allies and require Congress to vote before new tariffs can go into effect. He also joined his colleagues to introduce the Prevent Tariff Abuse Act, preventing presidents from unilaterally abusing their power to impose cost-raising tariffs, something they do not have the authority to do.
Rep. Larson strongly opposed President Trump’s so-called “Big Bill”, which will raise household costs on healthcare, energy, education, and food. Under this bill:
17 million Americans will lose their Medicaid or Affordable Care Act coverage, including 186,580 Connecticut residents.
If you purchase a plan on the Access Health CT exchange, your household’s premiums are slated to go up by an average of $1,550 next year. Some households may see premium costs rise over $20,000 for the year.
Energy costs for the average Connecticut household will increase by $344/year.
Pell Grants for 43,735 college students in Connecticut will be reduced or eliminated.
Rep. Larson is committed to rolling back these devastating cuts. Instead of giveaways to billionaires, he’s focused on lifting Americans out of poverty and strengthening the middle class by expanding programs like Social Security, Medicare, Medicaid, and the Affordable Care Act.
More on Affordability and the Economy
Hartford, CT – Today, Congressman John B. Larson (CT-01) released the following statement after attending the Opening Ceremony of the CTrail Hartford Line.
(Hartford, CT) – Congressmen John Larson (CT-1), U.S. Senators Richard Blumenthal (D-Conn.) and Chris Murphy (D-Conn.) and Joe Courtney (CT-2) released the following letter to the Department of Interior Office of the Inspector General today asking that the OIG consider in its ongoing investigation the timing of Interior's decision regarding the Mohegan Compact agreement.
Washington, D.C. - Today, Rep. John B. Larson (CT-01) released the following statement after voting for the Fiscal Year 2019 National Defense Authorization Act (NDAA).
