Controlling inflation is the Federal Reserve’s job, and Biden defers to the central bank to finish the task. But he also touts moves by his administration to tame — or even lower — costs for essentials, and he’s called on Big Box corporations and grocery chains to do away with “shrinkflation,” where consumers get less of a product but still pay high costs.
Much of Biden’s focus has revolved around drug prices, including costs for insulin and inhalers. In his State of the Union address, Biden said Medicare should be allowed to negotiate prices for at least 50 drugs per year, up from the target of 20. Since Medicare sets prices that shape what private insurers charge, the change could lead to lower drug prices for people outside of Medicare, too.
Biden has also targeted prices at the pump, recently announcing the release of 1 million barrels of gasoline ahead of summer…
