Joe Biden explains why he thinks 2023 will be a ‘great year’

President Joe Biden explained on Twitter on Sunday why he thinks 2023 will be a great year for Americans.

“Happy New Year, friends,” the president tweeted as the clock struck midnight on New Year’s Day. “I think it’s going to be a great year. Why? Because we can start implementing a lot of the things that we adopted last year.”

Biden began by noting that a monthly cap on the cost of insulin for diabetes patients on Medicare takes effect Jan. 1.

“From this point on, the one-month insulin supply will be capped at $35 for anyone on Medicare,” the president tweeted. “$35. That’s it.”

The provision will bring relief to nearly 2 million Americans who pay an average of $572 a year for insulin, according to a 2020 analysis from the Kaiser Family Foundation (KFF).

The cap on insulin was included in the Cut Inflation Act, the Democrats’ landmark climate change and health care bill, which Biden signed into law in August of last year.

“With this landmark legislation, on January 1, Americans will begin to see the benefits of additional cost-cutting measures in the Cut Inflation Act,” the president said in a late December statement on the website. of the White House.

Biden also noted Sunday that beginning Jan. 1, drug companies that raise prices faster than inflation will be required to pay a rebate to Medicare.

“We are putting the brakes on how high and how fast Big Pharma can raise drug prices,” he wrote. “From now on, if they raise prices faster than inflation, they will face heavy penalties.”

The president pointed to another provision of the Inflation Reduction Act, noting that Americans can now get tax credits to install more energy-efficient appliances in their homes.

“Electric furnaces, solar panels, heat pumps: you name it. Save money while fighting climate change,” he wrote, directing people to CleanEnergy.gov for more information.

Those looking for a car can now also get a tax credit to buy a new or used electric vehicle, Biden added.

The clean vehicle tax credit is worth up to $7,500 for those “who purchased and put into service a new qualified plug-in electric vehicle (EV) or fuel cell vehicle (FCV) on or after January 1, 2023 late and who meet certain income limits,” according to the Internal Revenue Service (IRS).

Biden concluded in his Twitter feed: “There’s more – across the country you’ll see us build new bridges, clean lead pipes and get people online. You’ll see tons of high-paying jobs in the manufacturing and construction open up. We’re just getting started. Here’s to 2023 and the work we’re going to do together.

Newsweek contacted the White House for further comment.