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September 7, 2004
In a stunning announcement that confirms the total failure of the Bush administration’s misguided approach to our nation’s health care crisis, the administration quietly informed the public last Friday that Medicare premiums will be rising by a whopping 17 percent—the largest increase in the history of Medicare. While millions of seniors will struggle to come up with the extra money every month, corporate interests have already begun to reap an unprecedented windfall under the new Medicare law.
- The administration should care more about balancing seniors’ checkbooks than padding corporate coffers. This increase will not result in any increase in services or benefits – instead, it will line the pockets of insurers to further privatize Medicare. The increase will do nothing to help make prescription drugs more affordable.
- Corporations, not seniors, are benefiting from Bush Medicare policies. The health care industry spent more than $140 million on lobbying in 2003 to ensure its profits were protected in the Medicare law, while the insurance industry has given President Bush and his friends in Congress more than $70 million in campaign contributions since 2000. Starting in 2006, Medicare will pay corporations $89 billion to “discourage” employers from dropping retirees from their plans – but corporations get the money even if pensioners are cut.
- Medicare changes this big deserve to be made in the light of day. Announcing the largest premium increase in memory on a Friday afternoon before the Labor Day holiday and in the midst of a hurricane landing in Florida was a cynical way to announce a change of this import. Using the president's speech the night before at the Republican National Convention in front of a national audience would have been more honest.
Daily Talking Points is a product of the American Progress Action Fund. |
Daily Talking Points is a product of the American Progress Action Fund. |
