Commentary
This is a continuation of my observations of plans President Biden promised, most of which are barely off the ground, if at all, even though they were billed as “fast track” or “accelerated” programs, including EV charging stations, lead pipe removal, and high-speed Internet.
Drug Costs
On August 9, 2023, he announced that 10 prescription drugs were subject to the first ever Medicare price negotiations, stating that seniors paid $34.4 billion in out-of-pocket costs for those drugs.
While Biden talked about lowering the cost of insulin in the State of the Union in March, he was careful not to get seniors hopeful, because the bill he signed only cuts the cost for Big Pharma to produce it. “Medicare will no longer have to pay those exorbitant prices to Big Pharma,” he said.
So, while the move is expected to result in a reduction of the overall cost of Medicare to the country, Chris Chen, a certified financial planner, says “It’s unlikely any cost reductions would go directly to consumers’ pockets.”
87,000 IRS Agents
Remember that mislabeled Inflation Reduction Act that called for $80 billion in funding for the IRS, including $45.6 billion for enforcement activities? We understood 87,000 additional tax collectors would be hired.
As it turns out, the 87,000 figure is a 2021 estimate of the total proposed hires over the next 10 years, with the majority of the new employees replacing some 52,00 expected to retire in the near future.
So much for the promise of increased auditing capability. In fact, those hired won’t all be agents; some will be customer service representatives to answer phone calls, examiners, technicians and appeals officers.
More smoke and mirrors.
Costs Drive Credit Card Use
Did you notice how Biden touted his latest effort to slash credit card late fees, proudly claiming it will save families $10 billion a year?
As his policies caused costs to soar, it required consumers to use their credit cards, and that’s his response.
The rule will cut the typical card late fee to $8 from $33. That’s an average of $220 in savings annually for more the 45 million Americans who typically have to pay late fees.
But consider this: Americans have an absolute mountain of credit card debt – $1.115 trillion in the first quarter of 2024, according to the Federal Reserve Bank of New York
Big deal, Joe. With the high cost of gasoline, food, service, auto and home insurance, and almost everything else, due to inflation under your administration, Americans are over-extending themselves on their credit cards.
Migrant Costs to Taxpayers
Biden’s open-door policy at the Southern border has raised the taxpayer cost of illegal immigration, including medical costs, education, welfare, housing and law enforcement last year to $163 billion, according to the Federation for American Immigration Reform (FAIR), which advocated for significantly lower immigration.
FAIR reports that this figure could be low due to limitations in gaining data.
No doubt. Hospitals are reporting considerable losses due to migrant care. In March, the House Committee on Homeland Security reported $451 billion in annual costs stemming from treatment of illegal migrants.
On average, illegals cost up to three times more in human resources to resolve cases and provide a safe discharge, according to the Yuma, Arizona Regional Medical Center.
Some illegals require ICU ward stays of 60 days or more. Some require dialysis, cardiac catheterization, and in need of heart surgery. Of course, there’s a requirement for neonatal care.
Perhaps you’ve noticed an increased number of illegals during a visit to ER recently. Be aware that the Emergency Medical Treatment and Labor Act of 1986 requires hospitals participating in Medicare “must medical screen all patients seeking care, regardless of payment or insurance status.” We taxpayers are footing the bill.
I’ve just scratched the surface of promises made, yet to see fruition. Now you see why Americans have such a difficult time recognizing something Biden has done for us.
May God continue to bless the United States of America.
