Thompson Releases Report Highlighting Impact of Democratic Agenda on California’s Fifth District

Washington – Today, Rep. Mike Thompson (CA-05) released a new report from the U.S. Congress Joint Economic Committee that shows the impact of Congressional action on our district.

“The pandemic, supply chain crunch and resulting inflation has hit every part of the globe. In Congress, it has been one of my top priorities to find commonsense solutions to lower costs and help ease the burden on our community,” said Thompson. “With the historic Inflation Reduction Act, working people are going to see provisions put in place to help them breathe easier. This legislation lowers drug prices, cuts health insurance premiums, and reduces energy costs. And I am continuing to fight to deliver a larger tax credit that gives relief to working families with children.”

The new data from the Joint Economic Committee shows:

• Jobs Added: 30,900 jobs have been added in our district since President Biden came into office and 1,628,300 jobs have been added statewide as of August 2022.
• Cutting Health Insurance Premiums: Because of the American Rescue Plan and the Inflation Reduction Act, 28,000 people in our district have been able to afford health care coverage. The health insurance subsidies have reduced annual premiums by an average of $804 nationwide and reduced the national uninsured rate to a record low of 8 percent.
• Lower Drug Prices: 120,000 seniors in our district could pay less for prescription drugs because of the Inflation Reduction Act. Among other measures to lower costs, the law puts an annual $2,000 cap on seniors’ out-of-pocket drug costs and ensures that Medicare beneficiaries do not pay more than $35 per month for insulin
• Lower Energy Costs: This bill will save the average American household hundreds of dollars in energy bills and other costs.

Among the many cost-reducing measures that Rep. Thompson has helped champion are the Inflation Reduction Act, which lowers health care and energy costs for working families; the CHIPS and Science Act, which fixes our supply chains and makes more critical goods in America; the Consumer Fuel Price Gouging Prevention Act, which cracks down on Big Oil companies that are making record profits; the Lower Food and Fuel Costs Act, which will lower farmers’ costs in the field and lower meat and poultry costs by increasing meatpacking competition; and the Child Tax Credit, where Democrats are still fighting to deliver a larger tax credit for working families with children.