Beyer Highlights Northern Virginia Results From Landmark Legislation
Washington, November 7, 2022
Rep. Don Beyer (D-VA) today highlighted a series of economic analyses that show how historic legislation enacted in the past year will help constituents in Virginia’s 8th District, the region, and the Commonwealth of Virginia. These laws enacted under the current Congress and signed by President Biden, including the American Rescue Plan Act, Inflation Reduction Act, CHIPS and Science Act, and the Infrastructure Investment and Jobs Act, will bring sweeping benefits to Northern Virginians.
“I worked hard with my colleagues in Congress to help deliver progress and change for the better for my constituents. Today I am highlighting some of the many benefits to my constituents of the historic legislation we enacted.
“This has been an extraordinary time for the country, and the work we have done has helped fuel one of the strongest economic recoveries in American history. We passed the most meaningful legislation in decades on gun violence, infrastructure, scientific research, and manufacturing. We enacted the biggest climate bill ever passed, and legislation to bring down the cost of Americans’ prescription drugs.
“But we know that American families are grappling with high costs today, and that means we still have so much more to do. Amid great change and uncertainty, I will remain focused on those challenges and on helping my constituents in the time ahead.”
Beyer highlighted analyses which demonstrate benefits to Northern Virginians and people across the Commonwealth and the country from major bills enacted by the 117th Congress:
Making Health Care More Affordable
By extending critical tax credits, the Inflation Reduction Act will help an estimated 27,000 people in VA-8 currently enrolled in subsidized marketplace health insurance coverage through the Affordable Care Act save an average of $1,110 in premiums starting next year.
According to analysis by the House Committee on Oversight and Reform, a VA-8 family with two adults, two children, and a household income of $75,000 could save $2,832 on their premiums next year thanks to the Inflation Reduction Act. A single-parent household with one adult, one child, and a household income of $30,000 could save $1,260 on their premiums next year under the law, and a household of two adults over the age of 60 with a joint income of $70,000 could save $16,176 on their premiums next year.
The law will lower health insurance premiums for hundreds of thousands of Virginians by an average of about $850 per year, and expand coverage to about 63,000 Virginians, according to White House analysis.
Lowering Prescription Drug Costs
The Inflation Reduction Act will also achieve major health care savings for Virginians by reducing the cost of prescription drugs.
The law caps Medicare beneficiaries’ annual out-of-pocket costs for prescription drugs covered by Medicare Part D at $2,000 starting in 2025. Per analysis by the House Committee on Oversight and Reform, an estimated 2,000 Medicare Part D beneficiaries in VA-8 had out-of-pocket costs above $2,000 in 2020. For the estimated 3,300 Medicare beneficiaries receiving insulin in VA-8, the new law will cap monthly copayments for insulin products at $35 per month. VA-8 has an estimated 50,000 Medicare beneficiaries who could see savings under the Inflation Reduction Act, according to Joint Economic Committee analysis.
White House analysis finds the Inflation Reduction Act will lower prescription costs for hundreds of thousands of Medicare beneficiaries in Virginia, and cap insulin co-pays for tens of thousands of Medicare beneficiaries across the Commonwealth.
Strengthening The Economy
The Inflation Reduction Act is paid for by closing tax loopholes and increasing enforcement, to ensure that big corporations and the wealthy pay what they owe. At the same time, it will deliver tax breaks to lower- and middle-income households to reduce household energy and health care costs for millions of Americans. On the whole, these tax provisions will make the tax system fairer and strengthen the economy.
The Joint Economic Committee finds that the law will fight inflation long-term by lowering costs and reducing inflationary pressure. The law’s contributions to addressing climate change will also benefit the economy for years to come. These reports are part of a series on the economic impacts of the Inflation Reduction Act.
Investing In The Future
Congress enacted the bipartisan Infrastructure Investment and Jobs Act one year ago, the biggest infrastructure legislation in decades and the largest investment in public transit in history.
Virginia will receive over $1.5 billion in funding from the historic law to strengthen roads, bridges and tunnels across the state, according to Federal Highway Administration data.
The law is already supporting mass transit in the National Capital Region, and will continue to fund transportation improvements, build electric vehicle infrastructure, and increase rural broadband access in Northern Virginia and across the Commonwealth for years to come.
The bipartisan CHIPS and Science Act, enacted earlier this year, is a transformational science bill that will create jobs, boost our economy, and put America on a stronger, more competitive path for years to come. The bill includes wins for Virginia and major provisions written or coauthored by Beyer.
A Strong Record Of Economic Growth
These benefits will build on historic growth experienced in Northern Virginia and across the country during the past two years.
As of August 2022, 19,500 jobs have been created in VA-8 since President Biden came into office and 185,600 jobs have been created statewide. The United States has regained more than all the jobs that were lost during the pandemic recession thanks to policies like the American Rescue Plan, which jumpstarted the economic recovery and fueled this expansion.
Investments from the Infrastructure Investment and Jobs Act, Inflation Reduction Act and CHIPS and Science Act will support continued job growth in clean and secure energy, construction and manufacturing, among other sectors. In 2021, 68,000 workers in VA-8 were employed in clean energy and emerging sectors of the economy, and an additional 29,000 worked in occupations that will be increasingly in demand as the United States transitions to cleaner, more secure energy. The Inflation Reduction Act will support more clean energy jobs and expand workforce training for these industries in VA-8 and around the country.
In total, 12,800 applications to start a new business were filed in VA-8 in 2021, up from an average of 9,700 per year pre-pandemic. There were 130,500 business applications filed in Virginia up from an average of 80,600 per year before the pandemic.