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This Might Be Biden’s Biggest Lie

Among the various programs incorporated into President Biden’s falsely named Inflation Reduction Act the one that Democrats promote the most is the reductions in the cost of prescription drugs.  So, they say.  It is based on the plan to have Medicare “negotiate” drug prices with the pharmaceutical companies.

If you are hoping to see a reduction in the cost of your meds the next time you head to your local pharmacy, you will be sorely disappointed.  Biden & Co. have been selling the sizzle – but the steak is nowhere in sight yet.

The Democrats have been celebrating the passage of the Inflation Reduction Act but have not been explaining implementation of the drug price reduction provision.  Negotiations with Big Pharma will not begin until sometime next year.  Those early discussions will initially center on a few drugs (yet to be determined).

The issues are very complicated – and the interchange between Big Pharma and Uncle Sam will go on for years.  They are currently scheduled to have the drug reduction provision fully implemented for some drugs sometime in 2025 or 2026.  How do I know that?  Because White House Press Secretary Karine Jean-Pierre said so on CNN this morning.

By the time the folks at home get any relief from the financial burden of prescription drugs, the benefit will be consumed by inflation – just like those salary increases Biden takes credit for.  This is another “benefit” that will be hard to see.

There is a second problem with the Biden prescription drug plan.  While they talk about “negotiating” with the drug companies, what they are actually doing is called “price fixing “– or putting a cap on prices.  Rather than engage real negotiations, Uncle Sam will essentially be imposing the prices.

At first blush, that may sound good.  But there is an untoward side effect.  Any time you cap prices, you produce shortages.  That is just the way the economy works.  What gets squeezed out of the drug companies’ budgets is money for research and development – new and improved drugs and treatments.  That means the loss of new or improved medicines for such diseases as diabetes, Alzheimer’s, cancer, etc.

That is what happened with President Nixon’s wage and price controls.  It is what routinely happens in communist countries like North Korea and Cuba.  It was the major reason why so many people were standing in long bread lines and even starving in Stalinist Russia and Maoist China – before they moved in the direction of free(r) markets.

And the prescription drug portion of the Inflation Reduction Act is not the only provision with which Biden is flimflamming the public.  We will deal with some of those in future commentaries.

In the meantime, keep checking the cost of medications.  You may see some lowering of your co-pay because that is what the insurance companies do.  My co-pay to my Personal Care Physician dropped from $50 to $35 … and now to $0.  My co-pay for specialists dropped from $75 to $35.  That was the result of competition.  All that long before the Biden legislation.  Biden promised to drop my cost of my insulin to $35 per prescription.  I am currently paying less than that. 

It is getting to the point that we can safely disregard any promise Biden makes.

So, there ‘tis.

Written by CFP Staff Writer

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