How to Skirt Congress, Hide Medicare Costs, and Buy Votes in an Election Year
Michael F. Cannon
President Joe Biden has touted how the Inflation Reduction Act (IRA) gives Medicare the power to negotiate lower drug prices. He has boasted that this new authority will save $6 billion in its first year.
As I explained at the policy forum, “At What Price: Determining Pharmaceutical Prices in Medicare,” however, the IRA contains other provisions that will increase Medicare spending on prescription drugs for seniors. In particular, it provides a 100 percent subsidy...
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