ICYMI: The Wall Street Journal Sounds the Alarm on Harris-Biden Administration For $5 Billion Election Year Prescription Drug Bribe

“Democrats failed to appreciate that there’s no such thing as a free entitlement expansion.”

Washington, D.C. – The Wall Street Journal’s Editorial Board recently published a piece titled, “A Medicare Election Bribe for Seniors.” In the piece, the Editorial Board exposes a new Harris-Biden Administration subsidy for large insurance companies as a deficit-busting, cynical attempt at influencing American seniors ahead of the November election. 

You may click HERE or on the image above to read the Editorial Board’s take on this Harris-Biden Administration policy.

Topline takeaways from the article: 

• The Biden-Harris Administration “announced lower Medicare prescription drug premiums, which will naturally be paid for by taxpayers.”
• “The political irony is that Biden officials are increasing subsidies to insurers they otherwise vilify to mitigate pre-election harm from the Inflation Reduction Act.”
• “CMS uses a complicated formula to subsidize premiums, but healthcare analysts projected that premiums would rise by hundreds of dollars.”
• “Insurers projected that Part D premiums would balloon next year, when the $2,000 cap and other freebies kick in. Providing basic Part D benefits next year is estimated to cost $179.45 a month on average, up from $64.28 this year and $34.71 in 2023, according to CMS.”
• “Some insurers warned they might exit the market to avoid losing money. Seniors are notified of the premium spikes before open enrollment begins in mid-October. Talk about a surprise bill.”

The nonpartisan Congressional Budget Office (CBO) estimates this plan would cost taxpayers an extra $5 billion next year alone. You may click HERE to read CBO’s analysis of this policy.