Majority Leader Schumer Floor Remarks On Progress Made In The Fight Against Inflation And Democrats’ Agenda Lowering Costs And Investing In American Workers

Washington, D.C. – Senate Majority Leader Chuck Schumer (D-NY) today spoke on the Senate floor on the new inflation numbers, showcasing that the Biden and Democratic agenda is delivering for the American people. Below are Senator Schumer’s remarks, which can also be viewed here:

This morning, the American people received more proof that the Biden and Democratic agenda is working.

The Labor Department reported today that year-over-year inflation in November slowed down to 3.1%. At the beginning of this year, it was more than double, at 6.4%.

And remember, last summer, before we passed the Inflation Reduction Act and the CHIPS and Science Act, inflation was over nine percent. From nine percent all the way down to 3.1%. We’ve made big progress.

Meanwhile, the labor market remains strong. Jobs are up, higher than they were before the pandemic. And listen to this: investment in manufacturing construction – plants that will turn out goods we can consumer here and export – is more than double its highest under the previous administration. There was a lot of talk from the previous president about jobs. He did very little. This administration, with what we have done, is really producing  jobs, jobs, jobs.

No one should be surprised, thanks to the Democratic work on the Inflation Reduction Act, 2023 has been a banner year for American job creation and for American manufacturing, at the same time getting inflation and the cost to American families down.

In 2023, dozens of companies have announced new investments in the U.S. resulting in hundreds of green, new clean energy projects and creating tens of thousands new, good-paying jobs.

And that’s just 2023. The Inflation Reduction Act is projected to create another 1.5 million jobs over the next decade.

According to the White House, private companies have announced more than $600 billion in investments across the country, many spurred by the IRA, the Inflation Reduction Act.

And it’s not just through manufacturing that the Democratic Agenda is paying dividends.

In a few short weeks, seniors for the first time will have a cap on how much they pay for prescription drugs, thanks to the Inflation Reduction Act.

This is life-changing news for seniors across the country. Never again will a horrible diagnosis mean $10,000 or more to get the drug you need to survive.

Thanks to the Inflation Reduction Act, insulin is also capped at $35 a month for seniors on Medicare.

And vaccines are now free. Let me repeat that: vaccines are free, improving healthcare across America, and helping people be healthy without having to pay for it, in terms of things that they can’t afford.

Drug makers are penalized if they raise prices faster than inflation.

The administration is negotiating right now for better prices for ten of the highest-cost, most-commonly used drugs in Medicare.

And because ACA premiums are becoming more affordable, this year we’re seeing a record number of Americans sign up for health care on the individual market places.

It takes a lot of work, but Democrats’ agenda is paying off. Costs are coming down. Jobs and opportunity are going up. And while there’s a lot of work to do, the American economy is on the right track.

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