Ohioans struggling with rising prescription drug prices may find relief in a new law, which caps annual out-of-pocket costs for Medicare Part D enrollees.

The law takes effect in January and limits out-of-pocket costs to $2,000 dollars per year. Many Ohio residents, especially seniors, are expected to benefit from this change.

Carol Sarbaugh, an Ohio resident, said she is already facing high prescription costs.

"As of this point in the year, I've got over $2,300 in prescriptions, so it will affect me greatly," Sarbaugh asserted. "This will help us to be able to budget better and understand our costs involved throughout the year."

The new law is part of the Inflation Reduction Act of 2022, aimed at making prescription drugs more affordable for seniors. With a cap in place, many Ohioans, especially those with chronic conditions, will no longer have to worry about the burden of unlimited out-of-pocket costs.

Jenny Carlson, state director of AARP Ohio, said while the law offers significant relief, awareness remains a challenge.

"This law is a huge step forward in providing predictability to our seniors," Carlson emphasized. "This is a huge pocketbook issue for Ohioans. Seventy-one percent of adults 50-plus surveyed said that they were or they knew someone who would benefit from the new law."

Carlson stressed the need for consumer education as open enrollment approaches on Oct. 15, encouraging Ohioans to shop around and fully understand their Medicare options under the new policy. While the cap will bring savings for many, the success of the program hinges on informed participation.

Despite Indiana's recent high-profile business deals, the state's economic fundamentals are lagging, with declining income and education levels posing significant challenges.

Experts argued deeper investments in education and infrastructure are needed for sustainable growth.

Michael Hicks, director of the Center for Business and Economic Research at Ball State University, noted some troubling figures.

"The share of adults with a college degree relative to the country having slipped," Hicks noted. "We see our per capita income relative to the country has slipped substantially, two percentage points, which is sort of a shocking three-decade change in two decades."

Although state officials pointed to low unemployment and rising capital investments as proof of success, Hicks contended without a focus on education and infrastructure, Indiana's long-term economic outlook remains uncertain.

State officials highlighted new projects such as a $3.2 million investment in Kokomo by Stellantis and Samsung SD designed to expand electric vehicle battery manufacturing operations in Indiana as signs of progress. However, Hicks warned the announcements do not address deeper economic issues.

"The numbers they're sharing are just measurements that they have working through IEDC (the Indiana Economic Development Corporation)," Hicks observed. "It has nothing to do with the actual amount of capital that's flowing into the state. That's lower than it has been in most years. So, there's nothing fabulous happening now that is anything other than a press release."

Hicks believes Indiana should prioritize education, environmental policies and regulatory improvements to create sustainable growth.


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Just as inflation starts to ease, Mississippi small businesses face another looming threat: the potential expiration of the small business deduction.

It is also called the Qualified Business Income deduction and if Congress does not renew it, it could affect nearly 266,000 small businesses in Mississippi, which employ more than 430,000 people.

Leah Long, Mississippi state director for the National Federation of Independent Business, said the Main Street Tax Certainty Act, which has bipartisan support, is set to expire in 2025. It is the law allowing small companies to deduct up to 20% of their qualified business income.

"It's a massive hit to their business, because they rely on that," Long stressed. "They're also facing issues like inflation, cost pressure and the uncertainty of the economy. So right now, the biggest focus is on that and getting the congressional members to sign on to support it, to reinstate it and make it permanent."

The Federation's August jobs report found 40% of small business owners had job openings they could not fill in August, up two percentage points from July.

Long pointed out if no action is taken by Congress, it would amount to a big tax hike for nine out of 10 small businesses nationwide, compromising their ability to grow and hire workers.

"When small businesses are doing well and they have more money, they're able to invest more into their business, they're available to best invest more into the economy and also in their communities," Long explained. "These small business owners are the ones that sponsor your kids' T-ball team."

She noted while measures like the Inflation Reduction Act have provided some aid, passing bills like the Main Street Tax Certainty Act will be crucial to support Mississippi business owners.


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A new report shows minimum wage increases have had little effect on the number of jobs in Maryland and nationwide.

While the rhetoric around increasing the minimum wage often comes with the caution it will reduce low-wage employment, a new review of decades of research showed most studies found no job losses after the state or local minimum wage is raised.

Ben Zipperer, senior economist for the Economic Policy Institute and the review's co-author, said raising the minimum wage has unquestionably benefited workers.

"Minimum wages very consistently have ended up raising the incomes of low-wage workers," Zipperer pointed out. "They have done so in a way that doesn't cause any big negative employment shocks or big disruptions in their local economy."

In Maryland, the state minimum wage increased to $15 an hour Jan. 1. The minimum wage in Montgomery County increased July 1 to $17.15 for large employers, and $15.50 for mid-size employers.

The latest numbers in Maryland show the state's job growth rate increased 1.2% in the first seven months of this year, exceeding the national average. The state's labor force participation rate also increased to 65.5%, the highest number since September 2020.

Zipperer noted the studies showed raising minimum wages has other benefits.

"What does happen is that employee turnover falls dramatically and that's because the job is suddenly more attractive to workers when you pay them more," Zipperer emphasized. "That's one of the reasons why you don't actually see big falls in employment after a minimum wage increase."

He added minimum wages are one of the most well studied topics in economics. Researchers built an online repository of studies going back to 1992, and will add new studies as they are published.


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