Biden Raided Medicare to Pay for EV Tax Credits, Now He's Scrambling to Prevent Drug Price Spike

Remember when the so-called 'Inflation Reduction Act' was supposed to, ya know, reduce inflation? It was a stealth backdoor attempt to push Green New Deal policies under the guise of lowering costs. One of the things it did was take money from Medicare Part D (the part that deals with prescription medications) to give wealthy people tax credits if they bought electric vehicles.

Well, that move may bite the Biden administration on the butt, because insurers may have to raise premiums to offset the raiding of Medicare.

So Biden and Kamala raided Medicare (in the Inflation Reduction Act) to fund EV tax credits.

That caused premiums for seniors’ prescription costs to spike

NOW the Biden/Harris admin is covertly trying to pay off insurers to NOT increase premiums until after the election. pic.twitter.com/n5TjiAupWM
— Matt Whitlock (@mattdizwhitlock) August 7, 2024

More from The Wall Street Journal:

Ah, government benefits. They’re great, right? Well, watch how Democrats are rewriting the Inflation Reduction Act (IRA) on the bureaucratic sly to stop a looming spike in Medicare premiums before the election.
The IRA redesigned Medicare Part D by capping patient out-of-pocket spending and shifting more of the entitlement’s costs to insurers. Democrats wanted to squeeze insurers, while reducing the government’s projected cost for their entitlement expansion.
Anticipating that insurers might raise premiums, Democrats capped annual increases in base premiums at 6%. But base premiums are for bare-bones plans. Most seniors enroll in plans with more generous benefits, such as lower co-pays and deductibles and broader drug formularies.
Insurers report that many Part D plan premiums will rise far more than 6% next year, when the IRA’s $2,000 limit on out-of-pocket spending takes effect. The Centers for Medicare and Medicaid Services has also tweaked regulations to make benefits more generous. Some insurers warn they may exit the market to avoid losing money.

Medicare/medicaid recipients MUST READ this!! Last paragraph especially!! VERIFYING the current democrat regime is FULL of lying cheating pigs trying to manipulate, but got caught BEFORE the ELECTION‼️⬇️ ‼️⬇️ Biden Does a Stealth Medicare Rewrite https://t.co/WDDiGOSeG5
— cathy (@BhCathyHr) August 7, 2024

Every senior who relies on Medicare should be reading this.

Why it's in the WSJ Opinion section and not above-the-fold headlines is ridiculous.

It was so obvious that Part D would meltdown due to the partisan IRA. Democrats loathing of drug companies had them do@it anyway. Biden Does a Stealth Medicare Rewrite ⁦@SchaefferCenter⁩ ⁦@Paragon_Inst⁩ ⁦@YouDecideHealth⁩ https://t.co/pRA1GIwfsD
— Joe Grogan (@RealJoeGrogan) August 7, 2024

So obvious to everyone except the politicians who did it, because they were hoping not to get exposed.

Biden Raided Medicare to Pay for EV Tax Credits, Now He's Scrambling to Prevent Drug Price Spike

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