Plus: Covid vaccines set to cost more
â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â [The Fisc]( Â Â By Yuval Rosenberg and Michael Rainey Quite a Friday! Sen. Kyrsten Sinema of Arizona shook up the Senate a bit by announcing that sheâs leaving the Democratic Party to become an independent. The change means that the 51-49 edge Democrats had figured to have in the next Congress will be somewhat less secure â and it could signal that Sen. Joe Manchin (D-WV), the centrist who held tremendous power over Senate action the past two years, will again have outsize sway. Adding to the dayâs drama, Brazil got knocked out of the World Cup by a feisty Croatian team that came from behind to tie the match in extra time before winning in a penalty shootout. Then Argentina gave up a 2-0 lead before salvaging a nail-biter of a win over the Netherlands in another penalty shootout. Hereâs what else popped up on our radar: Rep. James Clyburn (Reuters) Final House Covid Report Slams âRecklessâ Trump Administration Pandemic Response
After more than two years of investigation, the Democratic-led House Select Subcommittee on the Coronavirus Crisis released its [final report]( Friday, shining a harsh light on the federal governmentâs response to Covid-19. The committee, chaired by Rep. James Clyburn (D-SC), accuses the Trump White House of âfailed stewardship over the pandemic response,â saying the administration showed a âpersistent pattern of political interferenceâ that undermined the nationâs public health capabilities. "The Trump Administrationâs reckless pandemic response resulted in devastating and lasting harm," the report says. Among other problems, the Trump administration failed to change its approach to the crisis as expert understanding of the virus improved. It also failed to coordinate the efforts of health officials, reducing the effectiveness of the federal response. The 218-page report blames former president Donald Trump personally for the politicization of the federal Covid response, which it says contributed to the spread of misinformation that ultimately cost thousands of lives: "Much of the phenomenon of coronavirus misinformation can be traced to President Trump and his efforts to politicize the pandemic. In addition to treating the coronavirus crisis as a political problem, the former President pushed lies about risks posed by the virus and took steps to undermine the scientists who were working to address Americaâs worst public health crisis in a century. ⦠"The former Presidentâs spread of falsehoods became even more insidious as the pandemic continued. ⦠The former President repeatedly advocated for the use of hydroxychloroquine to treat the coronavirus and claimed at one point that a study finding hydroxychloroquine ineffective as a coronavirus treatment was authored by 'people that arenât big Trump fans.' He frequently attacked those who were willing to contradict his lies ⦠âResearch has ⦠found direct causal links between the former Presidentâs lies about the pandemic and the spread of misinformation. A study at Cornell University analyzed 38 million articles about the pandemic in English-language media around the world and concluded that President Trump was the single largest driver of coronavirus misinformation between January 1 and May 26, 2020. The researchers found that President Trumpâs promotion of âmiracle curesâ like hydroxychloroquine significantly contributed to the spread of misinformation. By feeding the public falsehoods about the coronavirus and coronavirus treatments, the former President made it more difficult for Americans to distinguish between legitimate and illegitimate sources of health information. This also made it harder for Americans to know how to protect themselves and their loved ones from the coronavirus, ultimately threatening the health of the American people.â
The report also faults the Trump administrationâs economic relief efforts during the pandemic. âPoor implementation and oversight of federal aid programs, combined with unscrupulous private actors, led to significant waste, fraud, and abuse and a less effective pandemic response,â the report says. Republicans reject the reportâs findings: Steve Scalise (R-LA), the ranking member on the committee, said the report was purely political, citing conservative theories that fell outside the analysis. âDemocrats refused to investigate after we exposed the Biden White House manipulating the science to allow a radical teachers union to rewrite CDC guidance so they could make it easier to shut down schools,â Scalise said. âThey refused to investigate the origins of COVID-19 and efforts by Dr. [Anthony] Fauci to downplay the Wuhan lab leak theory.â Senate report also faults Trump response, public health system: In a separate report released Thursday, the Senate Committee on Homeland Security & Governmental Affairs provided its own analysis of the crisis, which also finds extensive fault with the Trump administrationâs response, as well as with the nationâs public health system more broadly. Among its many findings, the 242-page [report]( says the U.S. failed for years to invest sufficiently in public health infrastructure, resulting in âinadequate, antiquated, and fragmentedâ surveillance and production systems. Once the crisis arrived, government communications were âinconsistent and sometimes contradictory,â delaying a coherent response. "The suffering that was caused by the pandemic" was "not inevitable," committee chair Gary Peters (D-MI) said. "We could have handled this situation a whole lot differently." What comes next? Both reports provide extensive recommendations for how to improve the federal governmentâs preparation for and response to the next crisis. Those recommendations include increasing investment in public health infrastructure such as testing and surveillance; better defining lines of authority and communication within the federal government; and boosting domestic productive capacities for essential medical equipment. âThe coronavirus crisis will not be the last public health emergency or economic crisis that we confront,â Clyburn warned. Numbers of the Week: 18 Million and 3.8 Million
If the public health emergency declaration for the Covid-19 pandemic is allowed to expire in April 2023, 18 million people will lose Medicaid coverage over the following 14 months, according to an [estimate]( published this week by the Urban Institute and the Robert Wood Johnson Foundation. The new estimate is 2 million higher than one released in March. Of those 18 million, about 3.2 million children are expected to switch over to Childrenâs Health Insurance Program plans and about 9.5 million are expected to transition to employer-sponsored insurance (some may have already been covered by their workplaces). More than 1 million others are expected to enroll in the Obamacare individual insurance market, with most eligible for subsidized coverage. But hereâs the most critical number: About 3.8 million people will become uninsured, according to the report. (Of those, about 40% of those newly uninsured would be eligible for premium tax credits under the Affordable Care Act but may not enroll because theyâd face higher premiums or because of other barriers to enrollment, the report says.) Nineteen states are projected to see their uninsured rates jump by 20% or more: Arizona, Arkansas, Idaho, Indiana, Iowa, Kentucky, Louisiana, Maine, Michigan, Minnesota, Missouri, Montana, New Hampshire, North Dakota, Ohio, Oregon, Pennsylvania, Rhode Island, and West Virginia. If the public health emergency is extended for another 90 days, the report forecasts that the number of people losing Medicaid will rise to nearly 19 million. How Much More Will Covid-19 Vaccines Cost After Federal Funds Run Out?
The federal government has spent more than $30 billion on Covid-19 vaccines. Now as government funds that provide free Covid-19 shots dry up, pharmaceutical firms are preparing to sell the drugs on a commercial basis, raising the question of how much â or, to be precise, how much more âfuture vaccination efforts will cost consumers and the overall health care system. Analysts at the Kaiser Family Foundation [tackled]( that question in a new report estimating how much manufacturers are expected to charge for the Pfizer and Moderna COVID-19 vaccines, based on their sales to the federal government so far and any announcements they have made about future pricing. The federal government so far has bought 655 million doses of the Pfizer vaccine and 566 million doses from Moderna for a combined total of 1.2 billion shots, according to the report. The cost of those vaccines: $25.3 billion, or a weighted average of $20.69 per dose. That cost is set to rise significantly. The analysts note that the federal government underwrote the cost of developing the vaccines while creating a guaranteed market for drugmakers, who now plan to raise prices. âWhile the commercial prices for COVID-19 vaccines are not yet known, both Pfizer and Moderna have signaled likely ranges that are three to four times greater than the pre-purchased federal price for the bivalent booster,â they write. The analysts looked at different scenarios for future vaccination efforts, in which the price per dose was low ($96) or high ($115), and uptake was low (25% of all adults vaccinated), medium (50%) or high (100%). The result, not surprisingly, was greater overall cost. âEven under much lower vaccine uptake scenarios (e.g., 50% of adults getting a booster), the total cost to purchase COVID vaccines at the commercial price would still exceed the cost of purchasing enough vaccines for everyone at the federal bivalent booster price,â the analysts say. While most people would still have access to vaccines at reduced prices negotiated by the insurance providers, the uninsured would face greater costs, as would the health care system overall. âFor private insurers and their enrollees, these costs could have an upward effect on premiums,â the analysts say. The bottom line: âOn a per-dose basis, the cost to continue to vaccinate adults in the U.S. against COVID-19 after federally purchased doses are depleted is likely to be significantly higher than the costs borne in the past by the federal government,â the analysts say. While the numbers are still uncertain, it seems a good bet that the U.S. health care system will end up bearing a heavier burden for vaccines in the future as prices rise. --------------------------------------------------------------- Send your feedback to yrosenberg@thefiscaltimes.com. And please encourage your friends to [sign up here]( for their own copy of this newsletter.
--------------------------------------------------------------- News - [Parties Play Chicken on Omnibus as Shutdown Deadline Approaches]( â Roll Call
- [Thin House Majorities, Current and Future, Color Spending Talks]( â Roll Call
- [Yellen Sees Rising Risk of Stimulus Fraud Without Funding Fix From Congress]( â Bloomberg
- [Demsâ Final Covid Report Slams Government Failures. Congress May Repeat Them]( â Politico
- [House COVID Panel Accuses Trump Administration of Exacerbating the Pandemic in its Final Report]( â The Hill
- [US Producer Prices Top Estimates, Supporting Fed Hikes Into 2023]( â Bloomberg
- [Labor Costs Point to Corporate Profit as Main Inflation Driver]( â The Hill
- [House Republicans Brace for Doomsday Scenario if McCarthy Falls Short of 218 Votes for Speaker]( â CNN
- [Seven Hard-Line House Republicans Lay Out Speaker Demands Amid McCarthy Opposition]( â The Hill
- [Senate Democrats Gear Up for Battle With Corporate America]( â The Hill
- [House GOPâs Help-Wanted Sign: One Border Funding Chief]( â Politico
- [BofA Chief Moynihan Says He Likes His Job, Hasnât Focused on Yellenâs]( â Bloomberg
- [Hospitals in the US Are the Fullest Theyâve Been Throughout the Pandemic â but Itâs Not Just Covid]( â CNN
- [Group Leading Covax Decides âin Principleâ to End Vaccine-Sharing Initiative]( â Washington Post
- [Bidenâs Pause on Payments Has Been Better for These Students Than Forgiveness]( â CNN
- [Employers Estimate Health Benefits Costs Will Rise 5.4% Next Year: Mercer]( â Fierce Healthcare Views and Analysis - [Repeal of Military Vaccine Mandate Shows Changing Pandemic Politics]( â Nathaniel Weixel, The Hill
- [Providers Ramp Up Their Lobbying Game to Avert Medicare Cuts]( â Rachel Roubein, Washington Post
- [A Loan Forgiveness Emergency? The Supreme Court Takes Up Bidenâs Trumpy Plan]( â Ruth Marcus, Washington Post
- [Finally, a Much-Needed Glimmer of Hope for the Opioid Crisis]( â Jim Crotty, The Hill
- [Manchinâs Energy-Permit Plan Can Still Be Salvaged]( â Karl W. Smith, Bloomberg
- [Republicans, Itâs Okay Not to Thank Biden for Bringing Down Gas Prices]( â Paul Waldman, Washington Post
- [How Americaâs Trains Nearly Went Off the Rails]( â Peter Coy, New York Times
- [Three Signals Weâve Entered a New Economic Era]( â Ezra Klein, New York Times (podcast) Copyright © 2022 The Fiscal Times, All rights reserved.
You are receiving this newsletter because you subscribed at our website or through Facebook.
The Fiscal Times, 399 Park Avenue, 14th Floor, New York, NY 10022, United States
Want to change how you receive these emails? [Update your preferences]( or [unsubscribe](