Biden rolls out plan for older Americans

Biden rolls out plan for older Americans
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Former Vice President Joe BidenJoe BidenBiden evokes 1968, asks voters to imagine if Obama had been assassinated Biden blasts Trump's 'embarrassing' actions heading into G-7 summit Steyer calls on DNC to expand polling criteria for debates MORE on Monday rolled out his presidential campaign’s plan for older Americans, including policy proposals on prescription drugs, Medicare and Social Security.

“The moral obligation of our time is rebuilding the middle class. The middle class isn’t a number, it’s a value set. And, a key component of that value set is having a steady, secure income as you age so your kids won’t have to take care of you in retirement,” the campaign wrote.

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“This means not only protecting and strengthening Social Security, but also helping more middle-class families grow their savings,” it adds.

The plan includes a requirement that drug manufacturers negotiate with Medicare and imposes a limit on launch prices for drugs to ensure they are not “abusively priced.”

“For these cases where new specialty drugs without competition are being launched, under the Biden Plan the Secretary of Health and Human Services will establish an independent review board to assess their value,” the plan states. This board will make a recommendation for a “reasonable” price based on the cost in other countries, according to the plan.

The plan also calls for putting Social Security “on a path to long-run solvency” through a tax on high-wage workers equivalent to the tax middle-class families pay on their earnings, according to the Biden campaign.

The plan would also increase benefits for the oldest beneficiaries, those who have been receiving benefits for at least 20 years and ensure that those workers who spent at least 30 years working would receive a benefit of no less than 125 percent of the poverty level.