The legislation would impose a formula-driven price ceiling on certain prescription drugs sold in the Medicare market. To avoid stoking the inflationary firestorm sweeping the country, Congress must reject this newest iteration of Build Back Better.
Inflation is too many dollars chasing too few goods and services, and this bill dumps in even more dollars, while chasing down and destroying even more economic production.Īmericans deserve better. This time the price-meddling will make it harder for vulnerable Americans to get their hands on lifesaving drugs. In the 1970s, government price-meddling led to gasoline lines stretching for blocks. The newest version of the euphemistically named Build Back Better follows this failed playbook. Then, too, rather than rein in spending, Washington resorted to price controls. If this sounds like the approach of the 1970s, it is-rapidly expanding federal spending and the money supply, and ultimately triggering double-digit inflation. This plan would increase inflationary pressures with shortage-inducing price controls on prescription drugs and an increase in spending for Obamacare subsidies.
Yet, as Democrats negotiate the newest iteration of their socialist nightmare-the so-called Build Back Better Act-that is exactly what they are planning to do. With inflation surging to 9.1% and averaging much higher in the rural heartland than in urban areas, now is not the time for the federal government to pour gasoline on the fire.
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