SAN FRANCISCO (KCBS RADIO) – President Joe Biden is set to unveil his budget proposal soon, which will include long-term funding for Medicare, among other things.
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One of the strategies for funding healthcare will be higher taxes on the majorly wealthy population, people who make more than $400,000 a year, in the country.
"It's a great push by the president to advance one of his major initiatives," said Nick Fabrizio, a professor of Health Policy at Cornell University on KCBS Radio’s "Ask an Expert" on Wednesday with Margie Shafer and Eric Thomas.
With a Republican-led Congress, the push for the proposal will need to be a bipartisan effort.
"Both parties are going to have to come to the table," he said. "We're going to have some give and take."
Healthcare is still incredibly expensive in the United States, and Chairman Jerome Powell of the Federal Reserve testified before Congress on Wednesday that American healthcare is very expensive compared to other countries.
The medical industry might not be supportive of the new proposal, which would have more eyes on the expenses of providers, hospitals, pharmaceutical companies, and other elements of the industry.
"We're going to talk about price caps, we're going to talk about limiting the amount of money you can charge for certain things – nobody likes that," said Fabrizio.
We ultimately have to start somewhere, and taking this industry by industry, sector by sector, will start some unpleasant discussions, but things can't go on the way that they have been.
"That's another main reason the president is pushing on this, and he's getting some good results," he said.
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