Democrats are artificially lowering Medicare drug prices and asking employers to pay the difference. Their plan, known as H.R. 3, is being rolled into the budget reconciliation process to advance socialized medicine and deliver another blow to employer-sponsored insurance.
Under H.R. 3, drug companies will be forced to negotiate with the Secretary of Health and Human Services to lower drug costs or face a bewildering 95 percent tax rate. The bill then balances the cost of this proposal on employers by forcing drug companies to recoup their $456 billion in losses through price hikes for private insurance. The federal government should not meddle in the private health care industry, period. It is especially egregious to use employers as collateral damage in the Biden administration’s health insurance coup.
“Lower prices for me, not for thee” is the Democrat party’s new anthem as it champions policies that will kill private insurance, reduce cures, and increase our reliance on China for life-saving medications.
Business owners, workers, and their families must reject socialized health care and price setting and support free market proposals to lower drug costs, such as H.R. 19, the Lower Costs, More Cures Act.