Stop The Inflation Reduction Act

The 755-page Inflation Reduction Act of 2022 (H.R. 5376), which passed the U.S. Senate on Sunday, may be the most misnamed bill Congress has proposed this year. Its promise to benefit families hit hard by the Left’s reckless disregard for the economy falls flat. In addition to price controls and new costs on taxpayers, hidden in the Act are provisions that will reduce every American’s access to individualized medical treatment both today and in the future.

Time is short! The U.S. House will vote on The Inflation Reduction Act THIS Friday, August 12. If the bill passes, it goes to President Biden’s desk for his signature. Please contact Congress now to voice your opposition.

Here are just six concerns:

PRICE CONTROLS ON PRESCRIPTION DRUGS

Price controls restrict supply. If enacted, Americans will be harmed by Congress limiting the development of new, life-saving treatments. A free market is necessary for innovation. Thomas Philipson, an economist at the University of Chicago, estimates that approximately 135 new drugs will not be developed over the next 20 years if this bill becomes law (Philipson, June, 2022). Furthermore, American medical freedom will be restricted as the government secures more control over treatment options.

FEWER DRUGS FOR CANCER PATIENTS

Funding for cancer treatments will be reduced. With fewer resources provided for drug research and development, cancer patients will be hit hardest. Advocates of free enterprise may not support government funding for drugs, but Americans need to know that the Inflation Reduction Act will reduce funding for cancer drugs by over $18 billion or 31.8 percent. Unless the free market kicks in, this will limit the number of new medications available to patients. This means patients with cancer may be forced to undergo more expensive and more dangerous surgeries as well as longer hospital stays.

EXTENSION OF COSTLY OBAMACARE SUBSIDIES

Taxpayer subsidies for “Obamacare coverage” will be extended for three years. The money “saved” by Medicare through prescription price controls will be used to extend subsidies for non-Medicare recipients who buy coverage on the Obamacare exchange. The only winners under these subsidies are the health plans that will receive more government money regardless of the quality of their coverage. Notably, the Americans who will receive these subsidies are primarily those with higher incomes.

MEDICARE "NEGOTIATION" WILL LEAD TO RATIONING OF DRUGS

Medicare would be given authority to negotiate prices for certain prescription drugs. Such “negotiation” will lead to price controls, which will limit the availability of drugs for Medicare patients. Ultimately, such negotiation encourages government agencies to put a dollar value on people’s lives. Officials empowered to negotiate are also empowered to deny treatments that could save the lives of patients.

PATIENT PRIVACY RIGHTS MAY BE VIOLATED

If enacted, the Inflation Reduction Act will expand government data collection. To enter into drug price “negotiations” the Medicare administration will require certain data from Medicare Part D prescription drug plans. The bill does not specify the data to be collected, however that data could include prescription drug use of patients (H.R. 5376, lines 17-22). Expect data requirements to be issued through agency regulations, giving the government access to private medical data without patient consent.

87,000 MORE IRS AGENTS

The Democrat-controlled Congress wants a new platoon of IRS agents. Instead of reducing government spending – a key step for lowering inflation – this bill allocates $80 billion for the IRS, including $45.6 billion to increase IRS enforcement activities (CNBC, June, 2022). The U.S. Treasury wants to hire 87,000 new IRS agents. If spread equally, that would be 1,740 new IRS agents per state. Proponents say expanded IRS enforcement will close tax evasion loopholes and prevent wealthy Americans from avoiding taxes. If enacted, expect everyday Americans to pay the price, in taxes and in time-consuming audits. The IRS code, with its regulations, is approximately 75,000 pages long. No doubt, every American could be found guilty of something.

TAKE ACTION BEFORE FRIDAY, AUGUST 12 TO ASK CONGRESS TO VOTE NO!