There’s no way to get around it: the newly enacted Inflation Reduction Act (IRA) marks a terrible blow to American seniors.
For the millions of older Americans on Medicare, the future of medical innovation is much dimmer, as will be their access to critical prescription drugs.
But AARP – the supposed bastion of senior advocacy – is apparently unfazed. It recently concluded a victory tour, which included an event in Arizona celebrating the bill’s enactment as a historic achievement for seniors.
Government price controls won’t help
For months, politicians disingenuously rallied for the passage of the IRA in the name of lessening inflation. The legislation did nothing of the sort, but President Joe Biden signed it into law anyway. Now, after the dust has settled, it should be clear to everyone that the IRA is a failed piece of legislation acting against the interests of the American people.
To “combat inflation,” the law puts in place an irrational price control measure over Medicare Part D drugs, even though American drug costs are not what’s driving inflationary pressures. The IRA does nothing to address inflation and instead puts seniors at risk of losing quality health care.
AARP ought to know that by imposing government price controls on pharmaceutical drugs, manufacturers would be forced to scale back on research and development. This means fewer options, fewer cutting-edge medicines and fewer cures in the future.
The simple fact is that seniors need a wide array of treatment options because not all medicine works the same for everyone. The AARP-endorsed drug price controls will deprive seniors of that much-needed variety of care they depend on.