>> THE LATEST BILL SIGNED BY PRESIDENT BIDEN WILL AFFECT HEALTH CLIMATE CHANGE AND THE
ECONOMY. THE INFLATION
REDUCTION ACT INCLUDES THE
BIGGEST FEDERAL INVESTMENT IN
CLIMATE CHANGE. IT ALSO CAPS
PRESCRIPTION DRUG COSTS FOR
MEDICARE RECIPIENTS AND HELP
SOME AMERICANS PAY FOR HEALTH
INSURANCE. DOCTOR AMANDA
PHAILIN SENIOR LECTURER AT THE
UNIVERSITY OF FLORIDA JOINS US
LIVE VIA ZOOM TO TAKE A CLOSER
LOOK AT THE BILL. SO GOOD
MORNING. FIRST OF ALL, THANK
YOU SO MUCH FOR BEING HERE.
I’M HAPPY TO BE THANKS FOR
HAVING ME. ABSOLUTELY. SO,
DOCTOR, FAILING THIS BILL WAS
SIGNED INTO LAW AMID
HISTORICALLY HIGH INFLATION.
WE KNOW FEDERAL DATA SHOWS
ANNUAL INFLATION DROPPED
SLIGHTLY LAST MONTH, BUT THE
CONSUMER PRICE INDEX IS AT
8.5% AS OF JULY, RIGHT? WELL,
HOW DOES THIS LAW AIMED TO
ADDRESS THAT AND WILL EVERYDAY
PEOPLE SEE A DIFFERENCE AT
ALL? RIGHT. WELL, THE LAW AIMS
TO ADDRESS IT IN THE SHORT
TERM.
>> BUT A LOT OF THE POLICIES
CONTAINED IN THE BILL ARE
REALLY GOING TO HAVE IMPACTS
IN THE MEDIUM TO LONG TERM. SO
WHEN I LOOK AT THE INFLATION
REDUCTION ACT, I SEE A LOT OF
REALLY GREAT AND POSITIVE
INVESTMENTS, BUT I DON’T SEE A
LOT THAT’S REALLY GOING TO
PUSH INFLATION DOWN
IMMEDIATELY IN THE SHORT
THAT’S THE THAT’S THE BAD
NEWS. THE GOOD NEWS, THOUGH,
HOWEVER, IS THAT INFLATION IS
COMING DOWN. I DO BELIEVE THAT
THIS SUMMER WE HAVE SEEN THE
PEAK OF INFLATION AND THAT AS
SUPPLY CHAIN BOTTLENECKS
CONTINUE TO LOSE 7 AROUND THE
WORLD. WE’RE GOING TO CONTINUE
TO SEE THOSE PRICES COME DOWN.
BUT I THINK THAT’S HAPPENING
KIND OF OUTSIDE WHATEVER IS
OCCURRING BECAUSE OF THE
INFLATION REDUCTION ACT. OKAY.
SO IT’S
>> GOING TO COME SOONER THAN
LATER. A LOT OF PEOPLE
WONDERING WHEN BECAUSE, YOU
KNOW, WE KNOW THEY’RE COMING
DOWN, BUT A LOT OF PEOPLE
STILL HAVEN’T SEEN IT. SO WHEN
DO YOU THINK WILL ACTUALLY BE
AT THAT MOMENT WHERE WE
PHYSICALLY SEE THE RELIEF.
>> I THINK IT’S GOING TO COME
OVER THE NEXT COUPLE OF
MONTHS. SO WE’RE GOING TO
START SEEING AT OVER THE NEXT
QUARTER THE NEXT 3, THE NEXT 3
TO 6 MONTHS. DEFINITELY. SO I
REALLY DO THINK THAT WE’VE HIT
THE PEAK. I WILL SAY THAT. I
THINK THE ONE AREA WHERE I
BELIEVE IT, THAT INFLATION
REDUCTION ACT CAN HAVE A FACT
IS REGARDING PRESCRIPTION AND
HEALTH CARE COSTS. THE FACT
THAT MEDICARE HAS NOT BEEN
ABLE TO NEGOTIATE DRUG PRICES
WITH THE PHARMACEUTICAL
INDUSTRY REALLY DOES MEAN THAT
WE PAY PRICES THAT ARE A LOT
HIGHER FOR MEDICATIONS THAT
PEOPLE PAY AND THE REST OF THE
WORLD. AND AS A MATTER OF
FACT, AMERICAN CONSUMERS END
UP SUBSIDIZING THE VERY LOW
PRICES THAT PEOPLE IN OTHER
COUNTRIES PAY FOR PRESCRIPTION
DRUGS. SO THAT ABILITY TO
NEGOTIATE, I THINK, IS REALLY
GOING TO HELP THE POCKETBOOKS
OF THE APP. ALL RIGHT, JIM AIR
CANADA BUYS MEDICATION AND,
YOU KNOW, I’M SOMEONE WHO HAS
TO BUY MEDICATION FOR MY
FAMILY BECAUSE THEY ABSOLUTELY
NEED IT. AND SO THESE ARE
THESE ARE COSTS THAT WE PAY
WEEKLY AND MONTHLY THAT I
THINK THAT WILL HAVE IMPACT.
>> AND OUTSIDE OF MEDICATION,
WHAT ARE SOME OTHER FACTS ON
THE ECONOMY THAT YOU THINK WE
WILL SEE, AS YOU KNOW, THIS
TREND CONTINUES.
>> RIGHT. SO I THINK THAT IN
THE MEDIUM TO LONG-TERM
INFLATION REDUCTION ACT IS
DESIGNED TO INCREASE THESE
INVESTMENTS IN GREEN ENERGY,
WHICH I THINK IS A REALLY GOOD
THING. I THINK THAT KIND OF
INVESTMENT IS LONG OVERDUE.
IT’S DEFINITELY NEEDED. I ALSO
THINK THAT IF YOU LOOK AT
WHAT’S BEEN HAPPENING TAX
ENFORCEMENT OVER THE LAST 10
TO 15 E ERRORS, THE IRS TO BE
REALLY HAS BEEN UNDERFUNDED
AND THAT PROVISIONS THAT ALLOW
FOR MORE EFFECTIVE TAX
ENFORCEMENT ARE ALSO GOING TO
INCREASE GOVERNMENT REVENUE AS
WELL.