Thanksgiving is a time to count our blessings. While each of us have our own unique traditions to look forward to this season, it has been a long-standing tradition to gather with friends and family to enjoy fellowship and a plentiful meal. But this year, as we plan to set our tables, it is impossible to ignore the rise of prices across the board.
Sauces and gravies are up 7.5%, the price of beef has been on a steady incline and has increased by 7.0% from September 2022 to September 2023. The price of flour is up 3.2% and rolls are up 5.7%.
But the price increases don’t stop at the grocery store. Earlier this year, it was announced that car insurance is up 19%, which is the biggest annual increase since 1976.
Compared to two years ago, Americans are spending $709 more per month on necessary goods and services. The only point in history when credit card, auto loan, and consumer loan delinquencies were higher than they are now, was during the Great Depression. The skyrocketing prices are a direct result of President Biden’s failed economic agenda, which has real consequences for American families.
The increased inflation rates are evident, now more than ever, as we prepare for the holidays. For families struggling to balance their budgets in addition to working to set their tables this year, please know that I am working to ensure that we can find financial relief, specifically at our pharmacy counters.
This year, I introduced the “Share the Savings with Seniors Act,” legislation that dispenses rebates directly to seniors with chronic medical conditions. The legislation also works to ensure that our seniors can find financial relief without sacrificing the quality of their medications.
I’ve also introduced the “Delinking Revenue from Unfair Gouging Act” or the “DRUG Act,” which puts downward pressure on prescription drug prices and insurance premiums by removing the incentive for pharmacy benefit managers (PBMs) to drive up the list price of a medication.
These bills are one step forward to provide savings for our families, but we have a lot of work to do to even scratch the surface of reversing the damage of the Biden economic debacle.
As we prepare to set our tables for Thanksgiving and as we inevitably adjust our budgets, know that I will continue to fight for financial relief for your families. I do not take my role as your representative lightly, and I am forever grateful to serve the families of Iowa’s First Congressional District.
