The economy is going down the toilet thanks to Biden. Prices are higher than they’ve ever been and inflation is way up. A new report is showing that the tanking economy could hit the healthcare system soon with devastating effects on Americans.
Prices are going up and Healthcare is about to get hit hard.
According to the Daily Caller. Inflation is causing healthcare costs to rise soon, just as other living costs have recently.
While record-high inflation squeezes middle-class Americans, higher prices for labor, materials and other goods have not trickled into healthcare costs yet.
Since Medicare and insurers set rates months in advance, current rates don’t take inflation into account.
Politico reports that hospitals, nursing homes, and other healthcare facilities have struggled to cope with rising costs without raising rates. However, inflationary costs will soon be passed along to consumers, alleviating that problem. According to Frank Luntz, who appeared on CNBC, Joe Biden claimed there was no inflation.
In the current fiscal year, Medicare projects hospital costs to rise by 2.7%. But Politico says costs will rise by more than 5%, almost twice as much. So medical costs for consumers haven’t risen as fast as other industries.
It’s been double-digit percentage increases for energy, food, and vehicles, but only 5.1% for consumer medical costs. There’s been an even slower increase in medical care commodities, at just 3.7%. It takes at least 10 months for inflation to hit medical costs.
Some healthcare facilities have cut back on services or closed entirely because they can’t charge higher prices to cover labor and material costs. Additionally, the discounted medical care period is about to end. Medicare and Medicaid Services released new payment rules this month, which project a 4.1% cost increase next year – a change you can expect to see in consumer costs soon.
This comes just after the efforts to pass the Inflation reduction act.
According to Fox News. Sunday, the Senate passed the Democrats’ Inflation Reduction Act, a $433 billion spending bill that includes $369 billion for climate initiatives while imposing a 15% minimum tax on corporations with profits over $1 billion.
One man told Fox News, “The whole bill is a mess,” “It’s a feel-good bill so the Democrats can say they did something and maybe they won’t do so badly in the upcoming elections.”
Senators Bernie Sanders of Vermont and Elizabeth Warren of Massachusetts, both liberals known for their opposition to financial loopholes, voted for the Inflation Reduction Act. It is expected that Ocasio-Cortez will vote on the bill on Friday, known for her aggressive stance against raising taxes on billionaires.