President Joe Biden hasn't had a great year overall, especially with his embarrassingly low approval numbers and growing doubt from within his own party whether or not he has what it takes to run a successful 2024 presidential campaign.

Adding to his woes are the consistent policy failures that continue to drag him down and deplete confidence in his abilities to get anything meaningful done.

According to the Daily Caller, that was evidenced once again by his signature Inflation Reduction Act (IRA), part of which was meant to lower prescription drug prices.

Not only have prescription drug prices not come down, but they're actually increasing rapidly. Experts told the Daily Caller that prices of prescription drugs could further increase "as drug manufacturers search for ways to make up costs."

The outlet noted:

The Biden administration announced on Dec. 14 that 48 Medicare Part B drugs raised their prices faster than the rate of inflation, triggering automatic rebates to the government insurance program of payments made over the inflation rate.

The situation looks like it could -- and probably will -- spiral out of control, as the outlet noted that when Medicare profits decrease, major drug companies will attempt to make up those lost profits by raising prices on those with private health insurance.

In other words, it's another Biden promise gone extraordinarily wrong.

Biden’s Signature Law Was Supposed To Lower Drug Prices, But It’s Doing Just The Opposite #joebidenDESTROYSAmerica #WorstPresidentEVER #TRAITORjoe #FJB #DemocratsDestroyingAmerica #DemocratsHATEAmericahttps://t.co/klwYoyKiwB via @dailycaller

— Carol RN *Miss Rush & the Gipper* 👩‍⚕️🇺🇸 🇮🇱🦈 (@pasqueflower19) December 23, 2023

Robert Moffit, senior research fellow at the Center for Health and Welfare Policy at the Heritage Foundation, explained to the Daily Caller why the cost of prescription drugs could skyrocket.

"The rebate policy in Medicare is going to incentivize drug manufacturers to increase the prices of medications for people in private health insurance," Moffit told the Daily Caller.

He added, "The impact on Medicare, the big impact, will be that the combo of the rebate policy and the price control regime is going to mean that for Medicare beneficiaries, their health insurance premiums through Part D and Part C are going to be lower."

"They’re going to have to stop their losses, and the only way they can do that is increased prices in the private market."

Now, the White House will have to scramble to come up with whatever delusional misinformation it can to get ahead of the burgeoning crisis.

Sadly for all of us, the situation will continue to worsen until we elect an administration capable of fixing it.