Joe Biden’s ‘Made in China’ Inflation Reduction Act Gives Billions to China, Cuts Medicare, Kills American Jobs

Joe Biden’s ‘Made in China’ Inflation Reduction Act Gives Billions to China, Cuts Medicare, Kills American Jobs

The following content is sponsored by Americans for Limited Government.

When Donald Trump released a video where he said, “Biden’s pro-China economic program puts America last, and it’s killing our country,” the mainstream media recruited his establishment apologists to fact check Trump and claim it isn‘t true that Biden is giving away the store to China’s dictator Xi Jinping.

We examined Trump’s claim to see if it stands up to a fact check. The problem, for America that is, is Donald Trump spoke the truth; Joe Biden is giving away billions to China and killing American jobs.

One of the worst instances of this is Biden’s signature domestic “achievement,” the so-called Inflation Reduction Act (IRA). Not only has this done nothing to stop inflation, it’s also proving to be a giveaway to the Chinese Communist Party. While China is building military bases on our doorstep, Joe Biden—instead of proving he’s merely asleep at the wheel—has invited Xi Jinping inside and asked him to drive.

But don’t take our word for it; even Democrats like Sen. Joe Manchin (D-WV) have come out swinging against their boss. Just this week, Manchin slammed the IRA’s Clean Vehicle Credit, which was ostensibly intended to provide tax relief to American companies that manufacture car batteries and electric vehicles. The idea was that this would feed the electric auto industry and enable American independence from foreign energy.

Instead, China is co-opting American companies and sucking billions in green scam tax credits. The IRA doesn’t stop China’s government-owned green energy industry from setting up pop-up shops in America to qualify for tax credits, while importing everything from China. So, they’re stealing tax credits that could go to American companies. It’s proving that the IRA had nothing to do with curbing inflation. Was it the Green New Deal in disguise—or maybe the Red New Deal?

This is why Manchin this week said that the administration is effectively endorsing “Made in China.”

And Biden’s IRA is paying for all these giveaways to China by slashing Medicare for seniors.

The IRA will sharply cut the popular Medicare drug-coverage plan; a total of $30 billion will be cut from a program currently totaled at $110 billion.

This will kick in in 2025 — so it is either out of the way if Biden wins or can be blamed on Trump if Biden loses.

Moreover, as if we hadn’t learned our lesson during COVID about the dangers of outsourcing medical production, proposed expansions to the IRA will slash the U.S. biopharma industry.

Buried in the IRA is command and control language that Joe Biden could only have learned from the Chinese Communist Party. The IRA language allows the government to dictate price controls on some prescription medicines for seniors under Medicare.

One particularly draconian provision allows the administration to designate Medicare drugs as targets for government-controlled price “negotiation.” If companies don’t accept the price controls, they are forced to pay a 95 percent excise tax – for everyone who buys it, not just through Medicare.

So, either we have government price controls or a tax that doubles the cost of some medicines, or no new medicines at all (unless maybe they are Chinese).

And it won’t just kill access to new cures, it will kill American jobs. It’s estimated that these and other price-control provisions the Biden Administration wants to force on prescription drugs would eliminate between 136,000 and 216,000 jobs in the biopharma industry and kill another 678,000 to 1,076,000 American jobs through indirect layoffs.

That’s according to a report, which also estimates that this will prevent more than 130 new FDA-approved medicines from development over the next 10 years, just as America’s aging population is going to look for solutions to their health problems.

We are in a horrifying time of human history, where all the inventions that America has created over the last 200 years will help the Chinese government achieve its 2,000-year-old dream of global domination.

So, is Donald Trump’s claim true? He said, “Biden’s pro-China economic program puts America last, and it’s killing our country.”

It turns out Biden is giving billions to China’s economy, while cutting Medicare for seniors and killing American jobs.  We rate Trump’s claim True.

Originally Posted on: https://www.breitbart.com/politics/2024/05/18/joe-bidens-made-in-china-inflation-reduction-act-gives-billions-to-china-cuts-medicare-kills-american-jobs/
[By: Americans for Limited Government (Sponsored)

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