Last year started and ended with inflation as a high priority issue for Americans. An example of this remains the high cost of drugs. Last month, the Biden Administration identified 48 Medicare Part B drugs having risen in price faster than inflation, and some drug companies raised prices of certain medications faster than inflation for every quarter of the past year.

"They're ripping off Medicare. They're ripping off the American people," President Biden said at the National Institute of Health. "We're going to save taxpayers money and discourage companies from raising prices in the first place."

President Biden's Inflation Reduction Act aims to assist with these price increases, requiring companies to pay rebates back to Medicare, saving seniors who take these drugs between $1 and $2,786 per dose on their medication.