President Biden will spend the last five months of his presidency as a lame duck. That is if he is not forced out by the 25th Amendment (which I consider highly unlikely). Because he remains as President, he can still do considerable financial damage to America by promoting certain policies.
On July 15th, The Federalist posted an article about the Biden administration’s latest healthcare proposal. The Biden administration proposal would extend a “temporary” increase in Obamacare subsidies, create new federal spending and undermine the current healthcare system. The higher subsidies were part of the Democrats’ partisan “stimulus” bill in early 2021. These subsidies were then extended for three years in 2022. These subsidies will expire at the same time the Trump tax relief package expires.
The Congressional Budge Office (CBO) reports that this increase in subsides would result in a “3.5 million decrease in enrollment in employment-based coverage.” The budget office explained that “the decline in employment-based coverage would be larger under a permanent [subsidy] extension,” because “more employers would change their offers of health insurance if the policy became permanent.” In other words, if you like your plan, tough luck — your employer could cancel it for you.
The article at The Federalist also notes the although extending the subsides would increase the number of insured Americans by 3.4 million, under the proposal 3.5 million Americans would lose employer-based coverage.
The article further notes that from the Exchanges’ launch in 2014 through 2021, only households with incomes under four times the poverty level ($124,800 for a family of four this year) qualified for subsidies.This year that 750 percent-of-poverty threshold stands at $112,950 for an individual, and $234,000 for a family of four.
The administration has also allowed Deferred Action for Childhood Arrivals (DACA) recipients to qualify for subsidies. You don’t even have to be an American to get money from the government! The DACA policy will cost $9 billion in the coming decade plus $1.6 billion in interest costs.
Congress needs to say “NO” to any Biden administration proposals that increase the deficit. Any members of Congress that agree to spending more money during the end of this lame duck presidency need to be voted out of office.