In Context: Prices and Power

President Biden summarized the intended effects of the Inflation Reduction Act as, “families will see lower prescription drug prices, lower health care costs, and lower energy costs.”

Prices, at the most basic level, are the meeting points of agreement between sellers and buyers. Sellers try to earn as much money as possible, and buyers try to spend as little as possible. The range of where those two factors overlap is where one finds successful prices.

High prices are a symptom of low competition for products or services. Supply is low and/or demand is high. High prices of established products like insulin are, more specifically, symptoms of competition suppression. Market suppression can be caused by both government policy and private parties manipulating the system for protecting intellectual property.

Weekly Congress Update

Daily Digests – House • Senate — Prayers — Committee Reports

Senate — Daily Leader Remarks • Actions begun, passed

Dems' climate, tax and health care bill survives all-night GOP onslaught • Democrats fail to overrule parliamentarian on insulin price cap, These seven GOP senators voted to keep $35 insulin cap in reconciliation bill (57-43) • Every Senate Democrat votes against defining pregnancy as unique to biological females • Senate passes Inflation Reduction Act after all-night vote series, Harris breaks tie

Biden cheers, hails • 'We are elated:' Chuck Schumer revels • Senate Democrats celebrate • 'Now I can look my kids in the eye:' Senate Democrat breaks down in happy tears over climate victory • sends to House: Five takeaways • Sinema, Manchin and the anatomy of a deal • Senate Republicans object

Senators Young and Braun of Indiana remembered Rep. Jackie Walorski of Indiana and the Senate agreed to S.Res. 748, a resolution honoring and celebrating the life and legacy of Representative Jackie Walorski.

House — Bill (H.R. 5376)

Pausing recess — Dems' big bill hits the House • House approves sweeping climate, tax, health care package • Biden praises

House holds moment of silence to honor Rep. Jackie Walorski


Here's what's in the Inflation Reduction Act, the sweeping health and climate bill • Pro-Life analysis • Inflation Reduction Act Doesn’t Reduce Inflation, Should Be Called Economic Freedom Reduction Act • What the 'Inflation Reduction Act' would do • Rural review of the Inflation Reduction Act

When will Americans feel the impact of the Inflation Reduction Act? • GOP physicians in Congress: Drug price control will impact patient care • Some earning under $400,000 would see tax burden increase • List of Tax Hikes • Congress Is Supersizing the IRS. Here’s Why That’s Bad News for Everyday Americans • Which Americans Are Most Likely to be Audited by IRS Under ‘Inflation Reduction Act’?