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In 2023, $10 billion of Medicare spending was paid in electric vehicle and solar energy tax credits. Simultaneously, large subsidies continued to fund prominent insurer-pharmacy benefit managers (PBMs) and other non-Medicare programs.

The administration initially promised the spending bill would significantly lower drug prices for seniors. However, since the billÃÛÁÄÖ±²¥™s passage, Medicare premiums have surged by more than 20% on average, with some states experiencing more than 50% hikes. This is only the beginning, as insurers have warned their beneficiaries that hikes will continue to rise. Additionally, the administration has introduced a last-minute ÃÛÁÄÖ±²¥œdemoÃÛÁÄÖ±²¥� project, which the CBO just revealed would gut at least $21 billion from the Medicare Trust Fund to prop up big insurers ÃÛÁÄÖ±²¥” without congressional approval. This leaves seniors with fewer drug plan options and, for many, the uncertainty of whether their current plan will even exist next year.

Despite the White HouseÃÛÁÄÖ±²¥™s talk about reforming the practices of big insurer-PBMs, the IRA quietly slipped in a provision that extended a little-known exemption these health cartels have from federal anti-kickback corruption laws. Although it may seem insignificant, these integrated conglomerates can legally pocket significant drug pricing rebates initially intended to lower patient costs. Instead of promoting savings for Medicare beneficiaries, they are being consumed by PBMs, which gives insurance oligarchs more reason not to oppose the IRA. While the White House publicly criticizes the influence of large corporations, the IRAÃÛÁÄÖ±²¥™s provisions speak volumes about its priorities.

Perhaps the greatest betrayal comes from the so-called Medicare ÃÛÁÄÖ±²¥œnegotiationsÃÛÁÄÖ±²¥� the administration has championed. With $260 billion already siphoned off for non-health care spending, President Biden proudly publicized drug price ÃÛÁÄÖ±²¥œnegotiationsÃÛÁÄÖ±²¥� as one of the most significant milestones in healthcare. The reality is that 67 million seniors enrolled in Medicare will only save $1.5 billion collectively. Not only are these savings minimal, but they will also likely lead to intense Part D premium spikes. For millions of older Americans, this delayed relief means more waiting and financial strain.

The administration has claimed a victory on drug prices, but for many seniors, it feels more like a swindle. The IRAÃÛÁÄÖ±²¥™s windfalls have gone to corporate interests, while seniors are left with higher costs, fewer options, and no real relief. This isnÃÛÁÄÖ±²¥™t the Medicare reform Democrats promised older Americans ÃÛÁÄÖ±²¥” itÃÛÁÄÖ±²¥™s a raid on Medicare, and AmericaÃÛÁÄÖ±²¥™s seniors are counting on Republicans in Congress to reignite their fight against the disastrous spending bill.