Rich Fiesta, Executive Director of the Alliance for Retired Americans, joined the America’s Work Force Union Podcast and gave an update on prescription drug costs under the Inflation Reduction Act. Fiesta also discussed a letter from two U.S. Senators about the Social Security Fairness Act and the voting record for Democratic Vice Presidential nominee Tim Walz, who previously served in Congress.
As part of the Inflation Reduction Act, which was passed in 2022, the government allowed Medicare to negotiate lower prescription drug costs with pharmaceutical companies. The rollout's first stage has begun, and Fiesta explained which prescriptions will be made more affordable in the first release. He said the negotiations will provide savings to Medicare beneficiaries and taxpayers, and discussed the next steps for the prescription drug price reductions.
This week Sen. Sherrod Brown (D-Ohio) and Sen. Susan Collins (R-Maine) sent a letter to Senate Majority Leader Chuck Schumer (D-N.Y.) and Senate Minority Leader Mitch McConnell (R-Ky.). In the letter, the senators urged the leaders to bring their legislation, the Social Security Fairness Act, to the Senate floor for a vote as soon as possible. Fiesta explained how the bill will benefit those who receive disability benefits or a pension.
Finally, Fiesta discussed Gov. Tim Walz (D-Minn.) 's lifetime score in the Alliance’s annual Congressional Voting Record. The record includes all of the votes for members of the U.S. House and Senate on matters that impact retirees. Prior to being elected governor, Walz spent 12 years in Congress as a member of the House of Representatives. Fiesta detailed Walz's voting record, including his votes on key legislation that impacted retirees.
Listen to the show above to hear more from Fiesta.