Seniors’ groups warn Biden’s budget tricks will mean “taxpayers foot the bill today and seniors pay the price tomorrow.”

Democrats faced a frightening reality earlier this year: A cap on out of pocket costs for Medicare drug spending, passed as part Biden’s signature Inflation Reduction Act, was set to increase premiums for millions senior citizens only weeks before the presidential election in 2024.

The Biden-Harris Administration used its authority to redirect funds to subsidise premiums for senior citizens until after the election. This avoided the political disaster of having to preside over large premium increases during a hotly contested election.

The $5 billion budget trick of the administration is a gimmick that kicks the can down the road. But it only adds up to the possible $20 billion additional spending in three years, to cover the unintended effects of one of Biden-Harris’ signature laws.

The subsidies are not only costly to seniors and taxpayers, but also allow Democratic nominee Kamala Harrs to promote the caps as part of her economic plan that is aimed at the middle class.

Rebecca Weber is the CEO of Association for Mature American Citizens. She spoke on the John Solomon Reports Podcast.

One could say they are buying from big insurance companies just before an election. “Taxpayers, it is very important that people understand this, because taxpayers are paying the bill today and seniors will pay for the price tomorrow,” added she.

The Inflation Reduction Act, which caps drug prices as part of its signature legislation initiative by the Biden-Harris Administration, has put pressure on the insurance companies to raise Medicare Part D premiums in October.

This could have been a political disaster for Democrats, and their candidate who boasted that she had cast the tie-breaking votes on the legislation.

The administration intervened to stop the disaster. In July, the Centers for Medicare & Medicaid Services announced a new program called a demonstration to stabilize premiums. The program will provide insurance companies with a total of $5 billion worth of subsidies to cover costs associated with capping prices, and other effects of Inflation Reduction Act.

The Congressional Budget Office had found that the financial impact of the Inflation Reduction Act was underestimated.

The analysis was requested by Republican critics who criticized the plans of the Obama administration. It said that the changes to Medicare made by the act will likely cause the average bid for Part D standard coverage to rise by 179% by 2025 if no action is taken.

The CBO stated that it expects the extra plan costs in these bids to result in an increase of federal spending between $10 billion and $20 billion by calendar year 2025 compared with its earlier projections.

The new subsidy will counteract the premium increase, but at the cost of increasing the costs of Inflation Reduction Act.

When the Biden-Harris plan was announced in the summer, it was clear what their motives were.

One headline in Politico read: “Biden administration to spend billions on blunting spike in Medicare drug prices.” The move to protect older Americans from increased costs will come right before the election.

Republicans criticized the move. Bill Cassidy (R-La.) posted on X that “one of @POTUS’ signature domestic achievements will cause a significant increase in Medicare premiums just before the November election.” “Now, the administration is about to give billions to private insurance companies …”

Harris’s move has been met with little criticism and she continues to campaign, despite the fact that it was her tie-breaking vote which passed the Inflation Reduction Act. It also contained price caps. The subsidy plan averted the crisis of premiums, allowing Kamala Harris to focus on her campaign’s efforts to reduce prescription drug prices and preserve Medicare.

The “A New Way Forward For the Middle Class”, a document from the Harris campaign, states that Vice President Harris and President Biden “took on Big Pharma, and won.” They lowered out of pocket drug costs for seniors by passing The Inflation Reduction Act. This allowed Medicare to negotiate with pharmaceutical companies and set a cap of $2,000 on out-ofpocket expenses.

Harris’ plan conveniently ignores ballooning deficits that are associated with changes made to Medicare by the Inflation Reduction Act–a cost which will be borne in future years by taxpayers. It also covers up the subsidy scheme of the administration to prevent price increases on the short-term.

Harris also promised that he would “protect Social Security, Medicare and Medicare from Donald Trump’s relentless attacks and his extremist allies”, and “will continue to strengthen these programs over the long term.”

Experts say that seniors are the true losers from the Biden-Harris Administration’s uncontrolled federal spending and tampering of Medicare.

Stephen Moore, former Trump adviser and economist, told John Solomon Reports that seniors have lost the most money as a result of Biden’s policies.

Who is the greatest victim of inflation?” Moore stated that “it’s always the people who live on a fixed-income with life savings. All of a suddenly, these lifetime savings are 20% less valuable than they used to be, you know when Biden became president, their 401K plans were hit and bonds did not do very well.”

He added: “And you can add to that… they’ve been robbing Medicare of money, which will only accelerate the date at which you know Medicare runs out money.”