Author Topic: Report: Biden Is Cutting Medicare Benefits Thru Inflation Reduction Act  (Read 157 times)

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Online mystery-ak

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Report: Biden Is Cutting Medicare Benefits Thru Inflation Reduction Act

Joel B. Pollak 23 Nov 2022

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:

Quote

    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.

Biden has claimed to want to cut the costs of prescription drugs like insulin, despite canceling — in his first week in office — an executive order by President Trump to lower the prices of insulin and epinephrine.

He and his party also claimed during the midterm elections that Republicans want to eliminate Social Security and Medicare, since Sen. Rick Scott (R-FL) wants to reauthorize all federal spending at regular intervals.

https://www.breitbart.com/politics/2022/11/23/report-biden-is-cutting-medicare-benefits-thru-inflation-reduction-act/
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Offline sneakypete

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Re: Report: Biden Is Cutting Medicare Benefits Thru Inflation Reduction Act
« Reply #1 on: November 23, 2022, 10:04:52 pm »
Well,it's not like he has to worry about running for re-election.

As a career pol/professional liar,he will have no trouble at all denying any and all of this while he is in office,and once he is out of office,nobody will care.
Anyone who isn't paranoid in 2021 just isn't thinking clearly!

Offline libertybele

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Re: Report: Biden Is Cutting Medicare Benefits Thru Inflation Reduction Act
« Reply #2 on: November 23, 2022, 10:13:44 pm »
The evil wretched feeble minded man strikes again.
I believe in the United States of America as a government of the people, by the people, for the people; whose just powers are derived from the consent of the governed, a democracy in a republic, a sovereign Nation of many sovereign States; a perfect union, one and inseparable; established upon those principles of freedom, equality, justice, and humanity for which American patriots sacrificed their lives and fortunes.
    I therefore believe it is my duty to my country to love it, to support its Constitution, to obey its laws, to respect its flag, and to defend it against all enemies.

Offline catfish1957

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Re: Report: Biden Is Cutting Medicare Benefits Thru Inflation Reduction Act
« Reply #3 on: November 23, 2022, 10:28:47 pm »
We just became Medicare age this year, and our premiums have doubled over my old retiree pre-65 plan. (Look at IRMAA for those approaching 65

So much for this being a bleeping government benefit.

Can't imagine how else the dementia stricken SOB can screw us.
« Last Edit: November 23, 2022, 10:29:50 pm by catfish1957 »
I display the Confederate Battle Flag in honor of my great great great grandfathers who spilled blood at Wilson's Creek and Shiloh.  5 others served in the WBTS with honor too.

Offline sneakypete

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Re: Report: Biden Is Cutting Medicare Benefits Thru Inflation Reduction Act
« Reply #4 on: November 23, 2022, 11:25:51 pm »
We just became Medicare age this year, and our premiums have doubled over my old retiree pre-65 plan. (Look at IRMAA for those approaching 65

So much for this being a bleeping government benefit.

Can't imagine how else the dementia stricken SOB can screw us.

@catfish1957

HEY!

If'n YOU,a rich 'murikan,doan pay yore share n mo,how dem poor immgrants spossed ta be abil ta have insurince?

We iz da wurld.......

We iz da Dim peep-pulls.......
Anyone who isn't paranoid in 2021 just isn't thinking clearly!

Offline catfish1957

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Re: Report: Biden Is Cutting Medicare Benefits Thru Inflation Reduction Act
« Reply #5 on: November 23, 2022, 11:32:14 pm »
@catfish1957

HEY!

If'n YOU,a rich 'murikan,doan pay yore share n mo,how dem poor immgrants spossed ta be abil ta have insurince?

We iz da wurld.......

We iz da Dim peep-pulls.......

As we inch closer day by day toward......

I display the Confederate Battle Flag in honor of my great great great grandfathers who spilled blood at Wilson's Creek and Shiloh.  5 others served in the WBTS with honor too.

Online berdie

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Re: Report: Biden Is Cutting Medicare Benefits Thru Inflation Reduction Act
« Reply #6 on: November 23, 2022, 11:44:07 pm »
I can't say that I read the article...but I have read that they are going to cut the Medicare payments to doctors and hospitals. 9999hair out0000 9999hair out0000