Remarks by President Biden in Roundtable with Business and Labor Leaders on the Inflation Reduction Act | Eastern North Carolina Now

    MS. SHULER: Absolutely. Thank you, Brian.

    Hello, everyone. I, too, want to start by thanking President Biden and the administration for your commitment to American manufacturing and, of course, for inviting us to be a part of this conversation today.

    I think it's a great mix of labor and business leaders, and it shows how important and historic the Inflation Reduction Act is.

    And I'm bringing the voice of our 57 unions, 12.5 million members who believe this bill is going to help us reshape the future and deliver real help to working families by reducing rising energy and healthcare costs.

    And when I'm on the road talking to working people, they're worried about making ends meet. And so these steps to lower healthcare costs, you know, especially the high cost of prescription drugs; investing in our clean energy future; addressing our broken tax code - this is going to deliver fundamental economic change across America.

    And, by the way, asking the top 150 or so companies to start paying their fair share of taxes is music to our ears.

    And let's just be clear: Asking 150 of the largest, most profitable companies to pay a minimum of 15 percent in taxes is not going to harm manufacturing investment in the U.S. In fact, much of the revenue created by this tax would be from companies who have historically dodged taxes by manufacturing overseas.

    So, our members are especially excited about the historic clean energy investment that this bill would make because, as was said, it's going to create millions of good jobs for working people and cut climate pollution by 40 percent.

    So this is what we need to jumpstart the clean energy transition, address the climate crisis, make clean energy more accessible and affordable. And these investments would actually decrease the cost of domestic clean energy by over one third. And so that's going to be a game changer for consumers.

    But we have to look at the other side of the coin too, and - and this bill does that by keeping the working people, who are going to make that future possible, front and center. And not only will it direct investments to underserved communities, it will also make sure that high working standards and high environmental standards can go hand in hand, and it shows that. It's not a choice; we can do both.

    And so including the labor standards, domestic content requirements on the tax incentives, that's going to create good-paying jobs in construction, manufacturing, right here in America.

    Of course, the prevailing wage and apprenticeship provisions will make sure that these investments not only help strengthen the environment, but are strengthening our economy and that pathway to the middle class.

    And so that's how we create lasting change that working families need. So, I'd just say this is a - we see this bill as a major step forward. It's going to improve the lives of working people. It's going to improve lives for seniors who are trying to pay for their prescriptions, kids who are going to have a healthier planet to live on.

    So we are united in support for this legislation. We urge Congress to move it quickly, get it passed, and signed into law. Get it to the President to sign.

    Thank you.

    THE PRESIDENT: Hey, Liz, thanks. And Mary. You guys are a hell of a team - what's going on.

    You know, one of the things that - and you heard me say this before: My dad used to have an expression. He'd say, "A job is about a lot more than a paycheck. It's about your dignity. It's being able to look your kid in the eye and say, 'It's going to be okay. It's going to be okay.'"

    The only way we're going to be able to do that for American workers is to make sure that we continue to grow and create good-paying jobs. And that's what you're doing, and that's what the AFL-CIO is doing with Liz, making sure that we can talk about the impact this relief is going to have on American workers.

    In addition to - and, by the way, I'm looking at a card here, reminding myself that it's going to cut energy costs and unlock $500 on average annually for energy savings; 30 percent tax credit for home energy systems like rooftop and solar and efficient windows; $7,500 tax credit for new electric vehicles and $4,000 tax credit for used ones; $14,000 for consumer rebate for high-efficiency appliances, like electric heat pumps.

    It's going to do an awful lot beyond what is the overall piece here about lowering inflation.

   

    And, you know, in addition to the new jobs it's going to create in this bill, the Inflation Reduction Act is also going to bring down energy and healthcare costs for all Americans, and that's going to impact on - on - this relief it will have on the American workers is real.

    Liz, do your folks talk about that? Do we talk about how it's going to actually, you know, reduce healthcare costs, prescription drug costs, et cetera?

    MS. SHULER: Absolutely, Mr. President. I would say that that is what's most on people's mind, is, you know, can they afford to pay their healthcare premiums; can they afford to put food on the table for their families.

    And so bringing down costs for workers is exactly what we need in this moment, and that's what this bill does.

    And so I know Ray Curry is on here with me. That's exactly what we're trying to do, is get the message out there. Because as you know, there's often a disconnect in what happens in Washington to what happens at the grassroots and community level. So that's our job as, you know, leaders in the labor movement and working with our members and working people every single day to make sure people recognize what this bill is going to do and - so that they see the impact in their - in their communities and in their wallets.

    THE PRESIDENT: And, Mary, what General Motors is doing I find absolutely amazing. Your commitment to moving toward - toward clean energy and commitment to electric vehicles, about being able to meet the 2050 international standard, et cetera. And you're going do it before then.

    And I just think that General Motors is - can play a gigantic role, and other companies around the world are going to follow, because you're going to be leading the world.

    One of the things that I did, I must admit in total disclosure: I've spoken to the Chairwoman about the possibility of my being able to buy one of those Corvettes that are electric vehicles that - you know, when they come out. And I'm not going to be able to do it because I can't drive a vehicle while I'm Vice President - while I'm President any more than I could when I was Vice President.

    But I think we can change the face of the country with this legislation and reduce inflation, not increase it.

    Mary, do you have any closing comment you want to make?

    MS. BARRA: Just that, Mr. President, I completely agree with you. I couldn't be more excited about the EV portfolio that General Motors is in the midst of launching. Our first battery plant is coming online in a matter of weeks in Ohio. We have another plant next year and the following year, both in the U.S. - and we're about ready to announce our fourth - as well as converting plants and making sure that we maintain and grow the jobs that we have in this country.

    So, you know, it is happening. We're at this critical juncture right now. And I think this Inflation Reduct- - Reduction Act will be part of the catalyst that helps us move forward.

    So, thank you.

    THE PRESIDENT: Well, you guys are doing a heck of a job. I really mean it. I want to thank you very, very much.

    I know there's - more people that want to speak, and we're going to have more. But I - I just can't tell you how much I think you have collectively moved - this whole movement of getting to clean energy, creating jobs - jobs that are increasing environmental protection, and reducing everything from drug prices on, matters.

    This is one of those inflection points in history. And you all are at the - at the forefront of it, all of you on the screen. We haven't gotten even to most of you yet.

    But again, thank you both very, very much. Appreciate it.

    MR. DEESE: And, Mr. President, on the topic of drug prices and healthcare prices as well, I wanted to bring Greg Adams in.

    And you're serving, actively now, I think, 12 million patients and - and close to 2 million Medicare beneficiaries. And so, we'd love your perspective on the healthcare elements of this, particularly in light of what both the President and Liz Shuler said about it being top of mind to people - healthcare premiums, drug pricing. And - and I want to get your perspective.

   

    MR. ADAMS: Thank you, Brian. And thank you, Mr. President. I join my colleagues in saying it's a pleasure to be here today, to have the opportunity to discuss the importance and the urgency of the Inflation Reduction Act.

    We see this important piece of legislation as being critical to helping millions of Americans continue to have access to affordable healthcare coverage. And it begins to curb the unsustainable drug prices. And, of course, as you've heard, it addresses climate change.

    At the heart of Kaiser Permanente's mission is a belief that all people deserve access to high-quality, affordable healthcare. Millions of Americans will benefit from the extension of the expanded Affordable Care Act's subsidies through 2025, which will continue to make healthcare and coverage more available and affordable for our people.

    Since the enactment of the expanded subsidies, marketplace enrollment has reached an all-time high of 14.5 million people nationwide. And premiums became more affordable - or as premiums became more affordable, millions of Americans saw increased access to zero-dollar plans and low-cost plans or premiums of less than $50 per month.

    These expanded subsidies were set to expire, so this legislation is just in time for millions of Americans.

    At Kaiser Permanente, we're deeply concerned about the burden high drug prices impose on our members, on whose behalf we buy over $10 billion of drugs every year and we prescribe more than 90 million prescriptions annually.

    So while we believe it's essential to ensure that drug manufacturers are rewarded appropriately for providing real innovation, it has to be done at a - in a sustainable manner and not just allowing the highest possible price.

    The target approach here achieves an appropriate balance of those concerns. And the Medicare Part D changes protect seniors from the risk of very high drug costs and ensures that more seniors have the ability to access and are actually taking the drugs prescribed.

    Finally, I, too, note that - the tremendous impact on climate change. Climate change is real. It's here. And it is an issue for us, as healthcare providers, as it disproportionately affects socially disadvantaged communities.

    So as one of the nation's largest not-for-profit health plans and care delivery systems, each of these issues have a direct impact on our members, our patients, and our communities, and are critical to our ability to carry out our mission to provide high-quality, affordable care, and to ensure that we're helping improve the health of the communities that we - with which we're in and we serve.

    So we join our colleagues in encouraging Congress to act without delay to bring the benefits of this important legislation to the American people.

    Thank you, Mr. President.

    THE PRESIDENT: Brian, you're going to -

    MR. DEESE: Yes.

    THE PRESIDENT: I've got a question, unless you - why don't you go ahead first?

    MR. DEESE: Well, Mr. President, I was going to - I was going to just turn briefly, before we get to our other speakers, to just ask Secretary Yellen to offer -

    THE PRESIDENT: Before you do, can I ask a question?

    MR. DEESE: Sure, of course.

    THE PRESIDENT: I'd like to ask a question. First of all, Greg, thank you very much. You - it's astounding the number of people you service every day. And one of the goals of this bill is to keep drug prices and - while still allowing drug manufacturers to be rewarded appropriately and for providing real innovation.

    Do you think it - do you think this meets that balance of both? Because, look, the last thing I want to do is - I don't want to see there be a disincentive by drug companies to not seek answers to some of the diseases that they're trying to deal with. And so they have to be compensated, but they're being incredibly well compensated now. And - and from my perspective, I don't think that this upsets the balance of making significant profit, at the same time providing breakthroughs and innovation. What's your sense of it?

    MR. ADAMS: Yeah, thank you, Mr. President. I do - I think it does maintain the balance. The bill looks at the high costs of specialty drugs. Specialty drugs are a key component of the high drug costs. They actually account for a small percentage of prescriptions, but they are now at a point where they make up over half of our pharmacy costs, impacting the whole population.

    So the bill looks at a limited number of specialty drugs, actually calls for a negotiation of prices at a point after these drugs have been on the market.

    I, as the CEO of Kaiser Permanente, will still be responsible and committed to using market forces to help keep the majority of other drugs affordable and accessible. So I don't see this as interfering. I think it carefully frames the balance that's needed.

    So I think the answer to your question is: Yes, I think the balance is here, and I think there's plenty of room for innovation and for market forces to be at play.

    THE PRESIDENT: Thank you very much. Brian, back to you.

    MR. DEESE: Great. Thank you, Mr. President.

    And before we get to Ray and David and Warner, I just wanted to ask Secretary Yellen to just zoom out for a minute and give us your - your take of the overall economics, particularly at the moment we find ourselves in the - in the recovery.

    SECRETARY YELLEN: Thank you, Brian. And thank you, Mr. President. I'm really excited to be here today to talk with leaders from both business and labor about how important it is for Congress to pass the Inflation Reduction Act.

    Actually, I convened business leaders myself yesterday to discuss this important legislation. It will address the cost of prescription drugs and healthcare for millions of Americans, lower energy costs, bolster our energy security so we don't have to rely on autocrats like Putin.

    This would be the biggest investment in fighting climate change in our country's history. And this isn't just going to protect us from global energy shocks, like we've seen from Russia's illegal invasion. It's also going to create good-paying jobs across our country to power that work.

    I also think it's important to talk about the revenue streams that make these investments possible. And that means adequately funding the Internal Revenue Service so they can enforce our existing tax laws.

    The vast majority of businesses and workers are play- - are playing by the rules, but some aren't. And estimates show that the tax gap from the top 1 percent of earners alone is as much as $160 billion each year. Making sure we have the resources to ensure the wealthiest among us can't avoid paying the taxes they owe, that's about restoring basic fairness and ending a two-tiered system. It's about making sure we can invest in addressing those key household expenses and making our economy stronger.

    I think it's important to underscore that this legislation is fiscally responsible. It will actually reduce the deficit by hundreds of billions of dollars over time. And by reducing deficits, we'll be complementing the work the Federal Reserve and the administration is doing to combat inflation, even as we address these cost pressures like healthcare, prescription drugs, and energy.

    So that's why I hope Congress will pass this bill as soon as possible. And it's why you saw five of my predecessors of the Treasury Department - Secretaries who served under Democrats and under Republicans - call for the same this week.

    Thank you, Mr. President.

    THE PRESIDENT: Thank you, Janet.

    MR. DEESE: Thank you. Thank you, Janet.

    And, Mr. President, we're going to conclude the open press portion of this event and shift into the next section here.

    (Press departs.)

END  •  2:29 P.M. EDT

    JOSEPH R. BIDEN JR.


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