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Democrats’ ‘Fix’ For A $5 Trillion Medicare Spending Increase Is The Same Proposals That Caused It

At a time when multiple budget analysts have highlighted an explosion in Medicare spending due to the IRA, what did Wyden’s white paper propose? More of the same.

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Senate Democrats have an ironic sense of timing. Mere days after a report raised the long-term costs of the Medicare Part D prescription drug benefit by $5 trillion, due in part to Democrats’ Inflation Reduction Act, Senate Finance Committee Ranking Member Ron Wyden, D-Ore., and his colleagues released a white paper that would double down on the IRA’s failed policies. It’s the latest illustration of how the party’s “affordability” agenda is anything but for taxpayers.

Major Changes to Part D

Most of the attention on the IRA has focused on provisions requiring federal officials to “negotiate” drug prices. These “negotiations” amount to take-it-or-leave-it propositions, and the arbitrary benchmarks that Congress mandated as part of that process have already discouraged companies from investing in potential new cures.

But the IRA also dramatically restructured the Part D benefit. Among other........

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