- Dec 3, 2006
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Biden and Harris Raided Medicare to Fund Green New Deal: Premiums Are Now Set to Spike
Ripple effects from the Inflation Reduction Act are causing turbulence in Medicare's prescription drug plans.
www.westernjournal.com
“Nearly two years after its passage, the IRA has diverted nearly $260 billion from the projected Medicare ‘savings’ to pay for special interest handouts like large tax credits for costly electric vehicles, enormous subsidies paid to big health insurer-PBM corporations, and funding health care programs for illegal immigrants,” Ron Fitzwater, Chief Executive Officer of the Missouri Pharmacy Association, wrote in an Op-Ed in the Missouri Times.
“The Biden-Harris administration is not protecting Medicare; they’re stealing from it,” he wrote.
According to Politico, the chain reaction began when the act shifted the burden of paying for prescription medicine from seniors to insurance companies.
Then came what could have been predicted: Insurance companies hiked their premiums for 2025.
Fitwater, in his Op-Ed, said increases were coming in at 179 percent. But since that was going to hit right before the election, there was one more step – a federal bailout that has the taxpayer-funded federal treasury taking the hit for what the IRA caused.
