WASHINGTON, DC – Today, Congressman Donald Norcross (D-NJ) released the following statement to mark two years since the Inflation Reduction Act became law.

"I was proud to vote for the Inflation Reduction Act two years ago to lower costs for working families, create good-paying jobs, grow our economy, and rebuild the middle class. Now, hardworking folks across the country are feeling the impact of this historic law as we finally lower insulin and prescription drug costs for seniors, invest in a clean energy workforce, and bring manufacturing back to America,” said Congressman Donald Norcross. “Americans have been fighting for these investments for decades, and today is a reminder of the progress we’ve made and promises Democrats have kept.”  

Two years later, the Inflation Reduction Act is delivering lower costs for families and growing the middle class in New Jersey:

• 260,000 people in New Jersey with Medicare take one of the 10 most expensive prescription drugs and will soon benefit from lower negotiated prices.
• 32,000 people in New Jersey’s 1st District are saving $9 million in out-of-pocket costs for their prescription medications.
• 28,000 people are enrolled in ACA marketplace health insurance in New Jersey’s 1st District and will save an average of $1,440 on their health care premiums this year.
• 8,200 people in New Jersey’s 1st District who use insulin are saving an average of $485 annually thanks to the Inflation Reduction Act’s $35/month cap on insulin prices for seniors and other Medicare beneficiaries.

Across the United States, the Inflation Reduction Act is lowering health care costs, delivering cleaner, cheaper energy, and growing the middle class:

• Saves nearly 19 million Americans approximately $7.4 billion annually on prescription drug costs starting in 2025 when cost-reducing policies, like a $2,000 cap on annual out-of-pocket pharmacy costs for Americans with Medicare, go into effect.
• Enables Medicare to negotiate prescription drug prices starting in 2026, lowering prices and saving taxpayers nearly $100 billion over the next 8 years.
• Delivers a clean energy future that is Made-In-America, with over 330,000 new jobs and $372 billion in new investments already announced in 47 states.
• Unleashes the power of cleaner, cheaper energy to save families hundreds of dollars on their energy bills every year and provides thousands of dollars in discounts to help families upgrade to more efficient appliances and vehicles.
• Lays the foundation for the future of our economy with historic investments in clean energy and American manufacturing that are projected to create millions of jobs and reduce carbon pollution by 40 percent by 2030.
• Gives more Americans a path to the middle class by expanding workforce training and registered apprenticeship programs to create good-paying jobs that don’t require a college degree.