The year 2024 exposed the lie behind the misnamed “Inflation Reduction Act.” Last summer, the Biden Administration announced a “premium stabilization demonstration”—a bailout of questionable legality—because otherwise seniors’ premiums for Medicare Part D prescription drug coverage would go through the roof. Instead of admitting the flaws of the law Democrats rammed through in 2022, the Biden Administration decided to use additional taxpayer funds to pay insurers an average of $100 million each, undermining Medicare’s financial stability.
Why would AARP, which claims to advocate on behalf of seniors, continue to support a law whose costs to the Medicare program are set to exceed original estimates by $10 billion-$20 billion this year alone? The organization has nearly ten billion—that’s billion with a “B”—reasons to do so.