Abracadabra – now you see it, now you don’t…


Remarks by President Biden on Medicare and the Inflation Reduction Act
SEPTEMBER 27, 2022

You know, I want to share the progress that we’ve seen and been making to bring down the healthcare costs and strengthen Medicare, which is, for so many seniors, the only thing they can rely upon. And we’ve worked really hard to maintain it.

A big cost — a big cost and a big concern for most folks is prescription drugs and other healthcare. Reducing that cost and concern is one of my top priorities.

That’s why I signed into law the Inflation Reduction Act — one of the most significant laws in our history. I finally — it finally delivers on the promises that many of us have made in this audience as well that the American people have had to undergo for decades that we’re going to change.

[OCS: The Inflation Reduction Act will not reduce inflation, and it is a misnamed vehicle for implementing part of the progressive communist democrat’s “Green New Deal.” Far from being “one of the most significant laws in our history.” it is one of the most damaging bills. No matter what Biden says, inflation, the hidden tax, is eroding the value of your money, so you are paying more for less.]

For example, we pay more for prescription drugs than any other advanced nation in the world. And there’s no good reason for it. For years, many of us have been trying to fix this problem. But, for years — for years, Big Pharma has stood in the way.

[OCS: Because the U.S. not only subsidizes research and development, it also subsidizes the cost of drugs through our humanitarian aid packages, other countries profit from our intellectual capital.

The drug companies charge what the market will bear, and by the market, I mean what the insurance companies and pharmacy benefit management companies will accept. The greater the price, the greater the kickbacks to the pharmacy benefit managers. Big Pharma did stand in the way; they bought corrupt politicians to pass favorable legislation and kill unfavorable and costly mandates.]

Not this year. This year, the American people won, and Big Pharma lost. (Applause.)

Look, after years of Big Pharma blocking it, Medicare will finally get the power to negotiate lower prescription drug prices. Seniors will see their out-of-pocket costs for prescription drugs be limited — as this comes into full force — to $2,000 a year. (Applause.)  No senior will have to pay more than — on Medicare — pay more than $2,000 for all their prescriptions, whether it’s cancer drugs or anything else.

[OCS: Politicians use the word negotiate like it is a panacea. They are, in reality, negotiating with themselves as directed by pharmaceutical industry lobbyists.]

And this morning, we got more even good news about lowering costs. The Department of Health and Human Services announced that the premium for Part B will, in fact, decrease this [upcoming] year. That’s a fee you pay — (applause) — that’s a fee you pay for Medicare to cover your visits to your doctor.

[OCS: I call bullshit! The Biden Administration increased Part B premiums by 14.5% this year, attributing the increase to the demand for Biogen’s Alzheimer’s drug, Aduhelm. The truth is the Biden Administration restricted access to the costly drug Aduhelm early this year – which means Medicare recipients were overcharged for this year’s premiums and denied access to a life-prolonging drug.

Centers of Medicare and Medicaid Services (CMS), which oversees Medicare, notes, “The 2022 premium included a contingency margin to cover projected Part B spending for a new drug, Aduhelm. Lower-than projected spending on both Aduhelm and other Part B items and services resulted in much larger reserves.

The scam is that Biden's Department of Health and Human Services takes credit for redressing the estimated 2.8% overcharge with a 3% reduction in premiums. But you are still being screwed as the standard monthly Medicare premium next year will still be $16.40 higher than in 2021.

And it gets worse; look for a reduction in the research and development of promising drugs and the rationing of other, as yet unspecified drugs. As for price controls, watch the pharmaceutical industry cost shift to other uncontrolled drugs to recoup decreased profits.]

For years, that fee has gone up. Now, for the first time in more than a decade, it’s going to go down. And millions of seniors and people with disabilities on Medicare, that means more money in their pockets while still getting the care they need.

And on top of that, if you have Medicare’s prescription drug coverage Part D, you pay for your prescriptions more than — you pay — you pay for your prescriptions, more of your shots will also be free. We’re getting rid of the cost of the prescriptions and bringing them way down.

[OCS: Nothing is free, the taxpayer pays the full freight – less the vigorish, the government’s slice of the action.]


Bottom line…

An addlepated President Biden is claiming credit for a modest decline in Medicare premiums but says nothing about rationing Aduhelm, a new Alzheimer’s drug, and making other compensatory adjustments.

Notice nothing was said about the billions of dollars in waste, fraud, and abuse. Nothing was said about increasing the number of fraud inspectors while the IRS gets a new army of auditors. And no mention of automated systems that can track claims submitted by doctors, facilities, and durable equipment providers whose reimbursements can easily be red-flagged for suspicious activity, much like bank suspicious activity reports.

To believe that these small victories are a net positive for Medicare recipients in the face of exploding inflation and increased healthcare rationing is truly a leap of faith in self-licking lollipops and unicorns with rainbow farts.

We are so screwed.

-- Steve

“Nullius in verba”-- take nobody's word for it!
"Acta non verba" -- actions not words

“Beware of false knowledge; it is more dangerous than ignorance.”-- George Bernard Shaw

“Progressive, liberal, Socialist, Marxist, Democratic Socialist -- they are all COMMUNISTS.”

“The key to fighting the craziness of the progressives is to hold them responsible for their actions, not their intentions.” – OCS

"The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius

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