Health and Human Services secretary Tom Price put out a video last night making the Trump administration's case for replacing Obamacare — but if you watch it and say, "I didn't know my premiums went up that much," that's because they didn't.

Price says the average health insurance premium — "the price that you have to pay to buy a health insurance policy" — went up by an average of 25 percent last year. That's true of the Obamacare marketplaces, which had all the scary rate hikes in the last enrollment season. But it's not true for the health insurance premiums most of us pay. Most of us are in employer health plans, where premiums rose by 3 percent last year — a "significant slowdown over the past 15 years," according to the Kaiser Family Foundation.

Why it matters: It's all about what Price's audience hears in that video. If the public believes their own health insurance premiums are rising as fast as Obamacare's, they'll get a distorted picture of what's actually happening in the broader health care marketplace, rather than the "honest and open discussion" Price promised. We've reached out to give Price's office a chance to comment, and we'll let you know if they do.

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Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 13,273,537 — Total deaths: 577,006 — Total recoveries — 7,367,106Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.