How Biden’s So-Called Inflation Reduction Act Screwed Taxpayers With Massive Medicare Bailouts |
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How Biden’s So-Called Inflation Reduction Act Screwed Taxpayers With Massive Medicare Bailouts
Democrats’ ‘affordability’ agenda, which consists largely of throwing other people’s money at problems, is proving to be anything but ‘for’ taxpayers.
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I wrote in December about how the Congressional Budget Office (CBO) dropped a fiscal bombshell: Based in large part on changes made in Democrats’ 2022 Inflation (Reduction) Act, spending on the Part D Medicare prescription drug benefit would rise as much as $500 billion over a decade above earlier projections.
The Medicare Payment Advisory Commission (MedPAC) recently released its own analysis of the explosion in Part D spending as part of its annual report. And while recent articles of mine have questioned the policy judgment of the commission and its staff, their technical analysis merits some consideration.
The IRA included many changes regarding drug pricing in general and the structure of the Part D benefit in particular. On the latter front, the law made several major changes.
First, the IRA restructured the benefit to make insurers, as opposed to the federal government, responsible for the lion’s share of spending if a beneficiary reaches a catastrophic threshold. I noted in 2019 that “the very generous 80 percent federal reinsurance subsidy in the catastrophic phase........