Much of the $280 billion in savings from its Medicare prescription drug provisions [the IRA bill] were siphoned off to fund green policies such as $7,500 electric-vehicle tax credits. Medicare will keep only about 15% of the savings for some relatively inexpensive new benefits, such as a $2,000 annual cap on pharmacy spending. That’s unfortunate considering the program’s costs are projected to spiral from about $1 trillion this year to $1.8 trillion in 2031.
