The Biden administration recently announced the next step toward socialized medicine, releasing its list of 10 prescription drugs subject to “negotiation” with the Medicare program. As one might expect from this administration, its latest gambit, while being couched in market-oriented language,…
Under the rubric laid out by Democrats’ mistitled Inflation “Reduction” Act last year, this “negotiation” will result in a predetermined outcome. The law specifies that drug companies will receive a “maximum fair price” that is at least 25%-60% below current market rates.
Specifically, manufacturers face taxes of up to 1,950% if they fail to go along with the Potemkin “negotiations.” Such penalties could even put some companies out of business — that is, if they ever went into effect. Congressional scorekeepersthis tax would raise exactly zero revenue because no companies would, or could, refuse to participate in the process.
Where will all the savings from these “negotiations” go? Good question. It turns out that Democrats used hundreds of billions of dollars in Medicare savings from the Inflation Reduction Act’s prescription drug provisions to fund other elements of the law, including climate provisions and new funding for the IRS.
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