March 07, 2023

President Biden Goes to Bat for Retirees

Senior Organization Applauds Effort to Extend Medicare Solvency and Further Lower Drug Prices for Older Americans

The following statement was issued by Richard Fiesta, Executive Director of the Alliance for Retired Americans, regarding President Biden’s budget proposal for fiscal 2024:

“President Biden’s Fiscal Year 2024 budget tackles two of the most pressing issues for current and future retirees: lowering prescription drug prices and adding 25 years to the solvency of the Medicare Trust Fund.

“The plan lowers out-of-pocket costs for seniors who need high-cost drugs by expanding the Medicare price negotiation that was introduced in the Inflation Reduction Act. Capping older Americans’ generic drug costs for chronic conditions at $2 will also help seniors pay for necessities like food, housing and energy.

“The President has found a fair way to pay for these improvements, asking those with annual income above $400,000 to pay a little more into Medicare. As President Biden correctly noted, ‘when Medicare was passed, the wealthiest 1 percent of Americans didn’t have more than five times the wealth of the bottom 50 percent combined. [It] only makes sense that some adjustments be made to reflect that reality today.’

“We urge Congress to take this proposal seriously, and reject proposals that will lead to cuts to Medicare, including raising the eligibility age or further privatizing the system.”

###

Contact: David Blank, dblank@retiredamericans.org