Peach Tree Times

A recent poll conducted by the League of American Workers (LAW) reveals that Georgia voters oppose the utilization of Medicare savings for green energy projects, as proposed in the Inflation Reduction Act (IRA). The survey indicates a significant 78 to 11 percent margin against this provision. Furthermore, eight out of ten senior citizens in Georgia expressed their opposition to the IRA's allocation of Medicare funds for such initiatives.

Among Democratic voters, who showed the most support for the IRA's use of Medicare savings for green projects, only 22 percent believed that this aspect of the IRA was beneficial. This data was collected by North Star Opinion Research.

According to a report from Americans for Tax Reform (ATR), under the provisions of the IRA, approximately $280 billion in savings from Medicare's prescription drug provisions were allocated to fund green energy programs and tax credits. These included a $7,500 tax credit for luxury electric vehicles (EVs), a $4,000 credit for pre-owned EVs, and an annual $1,200 credit for "energy efficient" doors and windows among others. ATR noted that Medicare savings were the primary source of revenue for the IRA. Instead of being used to reduce prescription drug costs for enrollees, these funds were diverted towards green energy subsidies.

In an op-ed published in The Wall Street Journal, healthcare industry expert Mark Merritt stated that Medicare will retain only about 15% of overall savings for some relatively inexpensive benefits. He further noted that Medicare's costs are projected to rise significantly from around $1 trillion this year to an estimated $1.8 trillion in 2031.

Merritt also pointed out that typical buyers of Tesla EVs are half as old as Medicare enrollees and have an average income of about $150,000 per year. In contrast, Medicare enrollees typically earn less than $30,000 per year. While prospective Tesla buyers could enjoy up to $7,500 in subsidies under the IRA, Medicare enrollees typically spend almost that amount, or about $6,500, per year on out-of-pocket health costs alone.

On the anniversary of the IRA's passage last year, the White House praised President Biden's Inflation Reduction Act for "driving historic climate action" and underscored its impact on helping the United States meet its climate goals. According to a White House Fact Sheet, the IRA was touted as the "largest investment in clean energy and climate action ever."

However, according to The Washington Examiner, President Biden expressed regret over the name given to the IRA at a fundraiser in 2023. He stated: "I wish I hadn't called it that because it has less to do with reducing inflation than it does to do with dealing with providing for alternatives that generate economic growth."

Founded in 2022, LAW is an organization dedicated to conducting research and developing proposals for public policies impacting American workers and the economy.