{"id":1749140,"date":"2022-11-23T09:18:17","date_gmt":"2022-11-23T14:18:17","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1749140"},"modified":"2022-11-23T11:34:28","modified_gmt":"2022-11-23T16:34:28","slug":"economists-bidens-so-called-inflation-reduction-act-cuts-medicare-benefits-increases-premiums-for-seniors","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/economists-bidens-so-called-inflation-reduction-act-cuts-medicare-benefits-increases-premiums-for-seniors\/","title":{"rendered":"Economists: Biden&#8217;s So-Called &#8220;Inflation Reduction Act&#8221; Cuts Medicare Benefits, Increases Premiums for Seniors"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Feconomists-bidens-so-called-inflation-reduction-act-cuts-medicare-benefits-increases-premiums-for-seniors%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1749140&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" class=\"ff-og-image-inserted\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/11\/aug30-2021-president-joe-biden-frown-getty-640x335-1.jpg\" alt=\"image\" \/><\/div>\n<p class=\"subheading\">Two economists reported Tuesday in a\u00a0<em>Wall Street Journal<\/em> 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.<\/p>\n<p>Casey B. Mulligan and Tomas J. Philipson <a href=\"https:\/\/www.wsj.com\/articles\/the-inflation-reduction-act-comes-for-medicare-ira-elderly-voters-payments-benefits-cuts-revenue-losses-subsidies-11669060307?mod=opinion_trending_now_opn_pos4\">wrote<\/a>:<\/p>\n<blockquote>\n<p class=\"css-xbvutc-Paragraph e3t0jlg0\" data-type=\"paragraph\">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\u2019s popular drug-coverage program is headed for a painful amputation.<\/p>\n<p class=\"css-xbvutc-Paragraph e3t0jlg0\" data-type=\"paragraph\">The private plans participating in Medicare\u2019s 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\u2019s hardly enough to cover inflation, let alone compensate for the other two revenue losses.<\/p>\n<\/blockquote>\n<div class=\"paywall css-1u1nl00-PaywalledContentContainer e1db8bjv0\">\n<blockquote>\n<p class=\"css-xbvutc-Paragraph e3t0jlg0\" data-type=\"paragraph\">We estimate that beginning in 2025, plan subsidies\u2014specifically, the reinsurance subsidies for the beneficiaries with the most drug spending\u2014will 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.<\/p>\n<\/blockquote>\n<p class=\"css-xbvutc-Paragraph e3t0jlg0\" data-type=\"paragraph\">Biden has claimed to want to cut the costs of prescription drugs like insulin, despite <a href=\"https:\/\/www.breitbart.com\/health\/2021\/01\/24\/joe-biden-suspends-trump-executive-order-to-lower-insulin-epinephrine-prices\/\">canceling<\/a> \u2014 in his first week in office \u2014 an executive order by President Trump to lower the prices of insulin and epinephrine.<\/p>\n<p class=\"css-xbvutc-Paragraph e3t0jlg0\" data-type=\"paragraph\">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.<\/p>\n<p><em>Joel B. Pollak is Senior Editor-at-Large at Breitbart News and the host of <\/em>Breitbart News Sunday<em> on Sirius XM Patriot on Sunday evenings from 7 p.m. to 10 p.m. ET (4 p.m. to 7 p.m. PT). He is the author of the recent e-book, <a class=\"x5l\" href=\"https:\/\/www.amazon.com\/Neither-Free-nor-Fair-Presidential-ebook\/dp\/B08PNN54BB\" target=\"_blank\" rel=\"noopener external\">Neither Free nor Fair: The 2020 U.S. Presidential Election<\/a>. His recent book, <\/em><a class=\"x5l\" href=\"https:\/\/www.centerstreet.com\/titles\/joel-b-pollak\/red-november\/9781546099840\/\" target=\"_blank\" rel=\"noopener external\">RED NOVEMBER<\/a><em>, tells the story of the 2020 Democratic presidential primary from a conservative perspective. He is a winner of the 2018 Robert Novak Journalism Alumni Fellowship. Follow him on Twitter at <a class=\"x5l\" href=\"https:\/\/twitter.com\/joelpollak\" target=\"_blank\" rel=\"noopener external\">@joelpollak<\/a>.<\/em><\/p>\n<\/div>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Two economists reported Tuesday in a\u00a0Wall 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<\/p>\n","protected":false},"author":1,"featured_media":1896015,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"Economists: Biden&#8217;s So-Called &#8220;Inflation Reduction Act&#8221; Cuts Medicare Benefits, Increases Premiums for Seniors","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1749140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"Economists: Biden&#8217;s So-Called &#8220;Inflation Reduction Act&#8221; Cuts Medicare Benefits, Increases Premiums for Seniors","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1749140","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1749140"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1749140\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1896015"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1749140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1749140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1749140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}