Finance News
‘Highway robbery’: Critics blast VP Harris for ‘violating’ Medicare trust fund
Maya MacGuineas, president of the Committee for a Responsible Federal Budget, discusses concerns about the future of Social Security and Medicare on ‘Special Report.’
Vice President Kamala Harris is facing backlash for vowing to secure the Medicare trust fund, as critics point out her administration’s move to tap into it to offset premium hikes.
Both Harris and former President Donald Trump participated in a survey by the leading advocacy group for Americans over 50 years old – the American Association of Retired Persons (AARP) – covering social security and health care issues.
“I will always fight to protect and strengthen Medicare for this and future generations,” Harris told AARP last week.
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Vice President Kamala Harris speaks during a campaign event in Flint, Michigan, on Friday, Oct. 4, 2024. (Photographer: Sarah Rice/Bloomberg via Getty Images / Getty Images)
“That includes securing the Medicare trust fund and making sure that big corporations and the wealthy pay their fair share in taxes, which, by the way, they can afford to pay,” she said.
In a move critics say is designed to shield the Biden-Harris administration from election fallout, the administration was discovered this year to have leveraged taxpayer funds to mask upcoming increases in Medicare premiums.
Under the Inflation Reduction Act, which was intended to cap out-of-pocket drug costs for Medicare beneficiaries, insurers are poised to significantly hike monthly premiums, with average bids for Part D plans expected to triple by 2025.
In response to potential voter backlash, the Centers for Medicare and Medicaid Services (CMS) rolled out a three-year “demonstration project” to subsidize these premiums, aiming to keep them artificially low.
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The Congressional Budget Office released a fiscal analysis of the Biden-Harris administration’s Medicare Part D Premium Stabilization Demonstration Program. (iStock / iStock)
The nonpartisan Congressional Budget Office (CBO) released a fiscal analysis of the Biden-Harris administration’s Medicare Part D Premium Stabilization Demonstration Program this week, estimating it could cost taxpayers over $21 billion over three years.
“Didn’t take long for VP Harris to violate ‘securing #Medicare trust fund’ pledge to @AARP,” advocacy group Commitment to Seniors wrote on X.
Co-founder of the Heritage Foundation, Stephen Moore, called it, “More highway robbery from the Dems on Medicare trust fund.”
“Seniors beware,” he added.
Some Republicans say the program, launched by the CMS, aims to artificially lower premiums for seniors, which have surged amid rising costs attributed to Democratic policies.
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Vice President Kamala Harris steps on stage to speak on day 4 of the Democratic National Convention at the United Center on Aug. 22, 2024 in Chicago. (Photo by Melina Mara/The Washington Post via Getty Images)
“When Democrats unilaterally enacted major changes to Medicare two years ago, they set seniors up for new expenses and fewer options. This nonpartisan CBO analysis confirms CMS’s cost-shifting plan is a dishonest election year gimmick to cover up those consequences,” ranking member of the budget committee Sen. Chuck Grassley, R-Iowa, said in a statement.
“Rather than coming to the table and legitimately addressing its partisan mistakes, the Biden-Harris administration threw taxpayer dollars at the problems it created, putting Americans on the hook for tens of billions more dollars,” he said.
FOX Business did not hear back from the Harris campaign by publication deadline.
‘Shark Tank’ investor Kevin O’Leary joins ‘Fox & Friends’ to discuss Elon Musk and Vivek Ramaswamy leading DOGE, Trump’s potential appointments for Treasury secretary, and the first-ever crypto czar.
Weighing in on rumblings around a potential Trump-appointed crypto czar, popular entrepreneur Kevin O’Leary called on whoever’s nominated to put an end to regulatory indecision.
“We’ve got to stop these shenanigans because this is a technology that affects all 11 sectors of the economy,” O’Leary said Thursday on “Fox & Friends.”
“It provides efficiency and digital payment systems. And we have to be competitive worldwide.”
According to industry sources familiar with the discussions, President-elect Trump is mulling a position dedicated solely to cryptocurrency policy. It’s unclear whether the role would be a czar type or a White House staff role, but the official holding the position would interact with regulators, including the Securities and Exchange Commission and the Commodity Futures Trading Commission.
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Two names that come to O’Leary’s mind are former acting U.S. Comptroller of the Currency Brian Brooks and Coinbase CEO Brian Armstrong.
Kevin O’Leary put pressure on a potential Trump-nominated crypto czar to start making regulatory decisions as soon as possible. (Getty Images)
“Brian, of Coinbase, he’s being sued by [SEC Chair Gary] Gensler right now. His company is under litigation from the SEC,” the O’Leary Ventures CEO noted.
“We need a czar here, and we need to start making decisions. Is Ethereum a commodity, or is it a security? Pick one and go with it. I don’t care which one it is, but we’ve got to at least pick it,” he added. “We haven’t done that yet.”
‘Making Money’ host Charles Payne discusses the history of money.
The president-elect campaigned heavily among pro-crypto voters, making a stop at crypto bar PubKey in New York City and speaking at the Bitcoin 2024 conference in Nashville, Tennessee, just weeks before Election Day.
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Manward Press chief investment strategist Shah Gilani discusses how high the S&P 500 can climb in 2025 on ‘Making Money.’
Bitcoin, the largest cryptocurrency by market value, touched a new all-time high of $94,000 in afternoon trading Wednesday and has advanced over 156% from its 52-week low of $36,815.63 in November 2023, as tracked by Dow Jones Market Data Group.
iShares Bitcoin ETF Trust
The surge in price has lifted crypto exchange-traded funds, driving the assets of the largest, iShares Bitcoin Trust, to over $40 billion and lifting it to a record high.
Other bitcoin ETFs are also seeing high interest.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BTC | GRAYSCALE BITCOIN MINI TRT ETF BITCOIN MINI TRUST BTC ETF | 43.34 | +1.50 | +3.59% |
| GBTC | GRAYSCALE BITCOIN TRUST ETF – USD ACC | 77.62 | +2.63 | +3.51% |
| FBTC | FIDELITY WISE ORIGIN BITCOIN FUND – USD ACC | 85.42 | +2.88 | +3.48% |
| ARKB | ARKB – ARK 21SHARES BITCOIN ETF – USD ACC | 97.54 | +3.24 | +3.44% |
FOX Business’ Suzanne O’Halloran contributed to this report.
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Finance News
Ford recalls nearly 25,000 trucks for problem that could make rearview camera malfunction
‘Car Wizard’ David Long joins ‘The Big Money Show’ to share his top ‘no-brainer buys’ under $10,000.
Ford is recalling nearly 25,000 trucks because of a problem that could make the rearview camera system malfunction.
The automaker said water “may enter the Tailgate Park Assist Sensor Interface Module” and lead to a malfunction of the rearview camera image display in 24,950 of its 2023-2024 F-250, F-350 and F-450 trucks.
All the potentially affected trucks feature a tailgate top camera that “provides additional camera images when the tailgate is down and is a separate camera from the primary rear-view camera,” Ford said in a Oct. 25 recall report submitted to the National Highway Traffic Safety Administration (NHTSA).
A 2023 Ford Super Duty F-350 Limited. (Ford Motor Co. / Fox News)
The recall report indicated the problem stemmed from “certain mating interfaces” of the tailgate top camera being “out of tolerance” and the camera bracket “retain[ing] water” during the application.
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In the event that the issue occurs, the rearview camera image may show up as “blue or black” or only work “intermittently,” things that could pose a safety issue due to reduced driver visibility, according to the report.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 10.24 | -0.04 | -0.39% |
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It has not led to any known accidents or injuries, Ford said in another document.
A badge on a vehicle at a Ford dealership in New Lebanon, New York, on Jan. 25. (Angus Mordant/Bloomberg via Getty Images / Getty Images)
According to the recall report, owners of the recalled trucks can get their tailgate top camera, wire harness and TPASIM module swapped out at a Ford or Lincoln dealership for free. Their “Image Processing Module A” will receive a software update too, it said.
“Pick-up and delivery will be available at participating dealerships,” a Ford spokesperson told FOX Business. “We’re also working through other potential options that would make completing this recall as convenient as possible for our customers.”
FORD RECALLS 144,500 MAVERICK TRUCKS DUE TO REARVIEW CAMERA DISPLAY ISSUE
Affected Ford F-250, F-350 and F-40 owners can expect to see a recall notification letter in their mailboxes in early December.
Ford said early last month it has sold over 853,400 of its various types of trucks in the U.S. so far this year.
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