August 16, 2024

FOR IMMEDIATE RELEASE

August 16, 2024

Rep. David Trone Celebrates Second Anniversary of the Inflation Reduction Act

WASHINGTON, D.C. — Today, Congressman David Trone (D-MD) released the following statement on the two-year anniversary of the Inflation Reduction Act being signed into law: 

“Two years ago today, Democrats passed the Inflation Reduction Act: a law that promised to protect hardworking Americans against Big Pharma and expand our middle class by lowering everyday living costs. Two years later, the Inflation Reduction Act has already delivered on that promise. We’ve cut prescription drug prices, lowered energy costs, and made real progress on rebuilding our manufacturing industry–creating hundreds of thousands of good-paying jobs in the process. As a businessman, I know a good return on investment when I see it. While there’s still work to be done in making life more affordable for all, the Inflation Reduction Act is building a brighter, stronger future for our country, and I was proud to vote for it.”

The Inflation Reduction Act’s (IRA) results by the numbers:

• The IRA has lowered the costs of life-saving prescription drugs. More than 2,700 Medicare beneficiaries living in Maryland’s 6th District rely on insulin to manage their diabetes. Today, they’re saving an average of $440 annually compared to 2020 prices, thanks to Medicare’s cap on insulin costs established by the IRA. 
• This year, 30,000 Medicare beneficiaries in Maryland’s 6th are projected to save a total of $6.6 million in out-of-pocket costs for their prescriptions. Next year, the number of those benefiting from the IRA will increase to 36,000 and their savings will increase to $13.9 million. Yesterday, the Biden-Harris administration announced new, negotiated Medicare prices for 10 of the most expensive prescription drugs, which Americans will continue to benefit from. 
• The IRA has also revitalized America’s manufacturing industry through investment in clean energy, creating millions of jobs nationwide while reducing carbon emissions. Since its passage, more than $370 million has been invested in clean energy projects in Maryland, creating over 1,000 jobs. 
• Last year alone, 3.4 million Americans benefited from $8.4 billion in IRA tax credits to lower the cost of clean energy and energy efficiency upgrades in their homes.
• The IRA also helped fund $24 million to expand apprenticeship programs across growing industries in Maryland through the U.S. Department of Labor’s Apprenticeship Building America program.

Previously, Congressman Trone announced nearly $500,000 to plant 5,000 native trees in Catoctin Mountain Park and nearly $500,000 to design and expand pedestrian and bike paths on Frederick’s Golden Mile—all funded by the IRA.

Congressman David Trone was elected to the House of Representatives in November 2018 to serve the 6th District of Maryland, which includes all or part of Montgomery, Frederick, Washington, Allegany, and Garrett Counties. Trone serves on the Appropriations, Budget, and Joint Economic Committees in the 118th Congress. In Congress, Trone is fighting to make progress on issues that matter to Marylanders.

Follow Congressman Trone at @RepDavidTrone for updates on Twitter, Facebook, and Instagram.

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