Staff Reports
President Biden and Vice President Harris took to the stage recently to announce new Medicare discounts on ten popular but pricey drugs. The timing of this announcement is interesting, especially as it marks Harris’s ascension to the top of the Democratic ticket, with Biden smashing the symbolic gavel, proclaiming her an “incredible partner” and insinuating she’s ready to climb the presidential ladder. One wonders if he’s referring to her performance record or simply trying to keep the party’s spirit soaring as they sprint towards the 2024 election.
The discounted drugs are due to make their grand debut in 2026, which raises eyebrows about their impact on today’s seniors. Harris passionately declared that no elder should have to choose between filling their crucial prescriptions and paying rent, as if these discounts are the magic wand that will solve all of seniors’ financial woes overnight. The key detail here is that while the Democrats are busy patting themselves on the back, the actual benefits won’t land in the laps of Americans for nearly three years.
NEW THIS MORNING: Biden administration announces Medicare deal to lower costs of top drugs.
Pres. Biden & VP Harris will talk about it today during their first joint speaking appearance – since she replaced him at top of Dem. ticket.
READ MORE HERE: https://t.co/v346uMyL5w pic.twitter.com/SmCz03EEEB
— Steve McCarron KOMO (@SteveTVNews) August 15, 2024
Biden’s Inflation Reduction Act, passed in 2022, is touted as a groundbreaking effort to negotiate drug prices through Medicare. However, it’s almost as if they’re dangling a carrot that won’t be eaten until the election dust has settled. Democrats are getting their PR game on that showcases progress against inflation and healthcare costs, even if real-world implications are years away. It’s a clever move to distract from the fact that inflation has been a hot topic, and manipulating drug prices is an attempt to shift focus.
The Congressional Budget Office anticipates significant taxpayer savings—reportedly around $100 billion by 2031—when these discounted prices kick in. But, as usual, the initiative has a catch: it may stifle the arrival of new drugs by about 1%. In a twist of irony, the government is here to save seniors money while simultaneously potentially digging their own graves of future medication needs. Isn’t it funny how the same group that laments about the dire needs of Americans often happens to be the same entity creating barriers to essential medications?
The pharmaceutical industry is none too pleased with the Biden-Harris setup and has reacted strongly. They’ve claimed their negotiation is less about bargaining and more about unlawful intimidation, essentially saying they’re forced to negotiate under the threat of exclusion from the Medicare system—a not-so-subtle jab at the “socialist-style price-setting” that some critics have branded this initiative. If the party truly wanted to lower costs for seniors, perhaps they should explore rivalling models that don’t involve government overreach, along the lines that candidates like Trump propose, such as eliminating taxes on Social Security benefits instead of entering a pseudo-free market.
Americans are well aware that while a few Breyer’s cupcakes may have just fallen off the shelf, the real question revolves around whether they’ll have access to that proverbial dessert down the road. As the Democrats parade their new initiative, the true effects of the program will linger in uncertainty, like the sugar-coated promises filling a politician’s speech.
