Let's Cut Some Spending: How the $740B Inflation Reduction Act is driving up Medicare costs

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In our Let's Cut Some Spending series, ForAmerica chronicles the many ways Washington wastes YOUR tax dollars - and as you’ll see, the list is endless.

Today’s offering: How the $740 billion Inflation Reduction Act is driving up Medicare costs.

Fox Business reports:

A number of Democrats facing tough reelection fights next year are being haunted by their past support for one of President Biden's signature pieces of legislation that experts say is causing a "dramatic rise" in Medicare costs for seniors.

Those Democrats, who largely represent states being targeted by Republicans as the biggest flip opportunities in the 2024 elections, all touted their support for the Inflation Reduction Act (IRA) and said it would lower health care costs for seniors, specifically when it came to prescription drugs.

That does not seem to be the case, however, as experts say the IRA is driving up Medicare Part D prescription drug premiums by as much as a whopping 57% in some states, compared to 2023…

The report added:

'Significantly more expensive premiums will come as a shock to the millions of retirees enrolled in Medicare Part D plans who … may have been anticipating lower costs with the introduction of the Inflation Reduction Act,' Ron Mastrogiovanni, president of HealthView Services, told Employee Benefit News in a November report.

So we spent $740 billion - money we don't have - on legislation that's title suggested it was meant to reduce inflation, but really had nothing to do with reducing inflation.

It was all about climate change. Something Joe Biden later admitted.

And now seniors will have higher Medicare premiums in some states because of this massive spending.

Sounds about right. Our government at work.