But the administration plans to use taxpayer dollars to mask increases.
Thanks to the Inflation Reduction Act, millions of Americans will see a substantial increase in Medicare premiums right before the 2024 presidential election. The White House is bracing for the blowback by ostensibly shifting taxpayer dollars to cover the significant spike in costs. But will these actions be enough to limit the fiscal and political hit before the electoral contest in November?
Inflation Reduction Act, Medicare, and Bidenomics
A key plank of President Joe Biden’s signature legislation was to reduce the out-of-pocket costs of prescription drugs for Medicare beneficiaries. Insurance firms will be on the hook for what patients used to pay and, as a result, will bolster their drug plan premiums. It is set to take effect later next month and…
