The inept current resident of the White House, who is in my humble opinion a puppet doing the bidding of former President Barack Obama, President Joe Biden continues to make statements that are factually untrue. If Joe was actually aware of his surroundings these statements would more accurately be called lies.
In 2020 Biden campaigned that he wanted to cut the costs of prescription drugs like insulin but one of his first actions after taking office was signing a directive that suspended President Donald Trump’s executive order aimed at lowering the prices of insulin and epinephrine, which would have gone into effect on Friday, January 22, 2021.
During the 2022 midterms, He and his party hypocritically claimed (lied) that Republicans want to eliminate Social Security and Medicare.
Their false premise was built on a plan put forth by Sen. Rick Scott (R-FL) requiring the reauthorizing of all federal spending, at regular intervals.
According to experts, Biden’s controversial partisan, “Inflation Reduction Act”, actually does what he accused the GOP of pursuing.
Two economists reported Tuesday in a Wall Street Journal op-ed that President Joe Biden is cutting Medicare benefits through the so-called Inflation Reduction Act, which cuts payments for prescription drugs for seniors.
Casey B. Mulligan and Tomas J. Philipson wrote:
“President Biden has accused Republicans of scheming to cut Medicare. In fact it is his signature legislation, the Inflation Reduction Act, that will lead to benefit cuts and premium increases for seniors. Medicare’s popular drug-coverage program is headed for a painful amputation.”
“The private plans participating in Medicare’s prescription-drug program, known as Part D, currently draw on three sources of revenue to finance prescriptions: out-of-pocket payments from patients, premium payments made by plan members, and subsidies from the federal government. In 2025, under the Inflation Reduction Act, both government subsidies and out-of-pocket payments by patients are scheduled to be cut sharply. The difference will have to be made up by premiums. But the statute inhibits this third revenue source, which is also subsidized, from increasing more than 6%. That’s hardly enough to cover inflation, let alone compensate for the other two revenue losses.”
“We estimate that beginning in 2025, plan subsidies—specifically, the reinsurance subsidies for the beneficiaries with the most drug spending—will be cut $30 billion, out of revenue that currently totals about $110 billion. With $30 billion less to finance prescription benefits, something will have to give. Plans currently have far too little profit to span the chasm that the Inflation Reduction Act opens between expenses and revenue.”
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