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‘Highway robbery’: Critics blast VP Harris for ‘violating’ Medicare trust fund

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‘Highway robbery’: Critics blast VP Harris for ‘violating’ Medicare trust fund


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. 

BIDEN-HARRIS ADMIN PROBE URGED OVER MEDICARE PREMIUM OFFSET PLAN BEFORE ELECTION

Vice President Kamala Harris closeup shot

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.

EXPERT SAYS MEDICAID, MEDICARE REFORM IS CRITICAL AND CAN SAVE $2.1 TRILLION

social security card lying on $20 bills with coins

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.

NEARLY 1M MEDICARE BENEFICIARIES POTENTIALLY AFFECTED AFTER DATA BREACH

closeup shot of Kamala Harris

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.

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DriverSmith – Automatic Download & Update Drivers For Windows

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Housing supply jumps to 4-year high as homes sit unsold

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Housing supply jumps to 4-year high as homes sit unsold


The housing inventory shortage that has been plaguing the U.S. for years appears to finally be easing, but a significant factor behind what is driving up supply provides little encouragement that the stagnant market will get moving again anytime soon.

A new report from Redfin says the number of homes for sale jumped to a four-year high in November, surging 12.1% year over year. But the major reason for the increase is that most homes on the market just aren’t selling. 

Home sales

Redfin data shows housing supply hit a four-year high in November, but mostly because a majority of houses for sale have sat on the market for more than two months. ( Liu Guanguan/China News Service/VCG via Getty Images / Getty Images)

More than half (54.5%) of homes on the market last month had been listed for more than 60 days, with many deemed too expensive by would-be buyers. According to Redfin data, that is up 49.9% from a year ago, and is the highest share of stale inventory for a November since 2019.

The report said that the typical home that went under contract last month did so in 43 days, which is also the slowest November pace since 2019.

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“A lot of listings on the market are either stale or uninhabitable. There’s a lot of inventory, but it doesn’t feel like enough,” said Meme Loggins, a Redfin Premier real estate agent in Portland, Oregon. 

“I explain to sellers that their house will sit on the market if it’s not fairly priced,” Loggins said. “Homes that are priced well and in good condition are flying off the market in three to five days, but homes that are overpriced can sit for over three months.”

MORTGAGE RATES RISE FOR SECOND STRAIGHT WEEK, HIGHEST SINCE JULY

The data shows Texas and Florida have the highest rates of old listings on the market. Miami has the greatest share of homes on the market for longer than 60 days than any other major metro at 63.8%, followed by Austin, which has 62.4% of listings that have sat for more than two months without going under contract.

Open house at a home for sale

The affordability crisis has led to the majority of the homes on the market sitting unsold for more than 60 days. (Fox News)

The housing market saw a flurry of activity driven by high demand during the pandemic, but has become stagnant as soaring home prices and mortgage rates have led to an ongoing affordability crisis that has pushed homeownership out of reach for many Americans.

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Housing costs repeatedly broke records in 2024, and a report from the National Association of Realtors’ (NAR) annual survey of buyers and sellers found the share of first-time homebuyers dropped from 32% in 2023 to 24% in 2024, the lowest share since NAR began collecting data in 1981.

FOX Business’ Lindsay Kornick contributed to this report.



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