Well—had we not anticipated, had it never seemed, that the Democrats, having won control of Congress and the White House, would proceed to enact paid family leave, expansions of Medicare, a permanent Child Tax Credit, disincentives to fossil fuel use, the ability to negotiate down drug prices, and such—had we not counted on that, then today would be a day of unmitigated celebration. Instead, celebration of the groundbreaking social provisions that actually are in the bill President Biden outlined today—universal pre-K, child care subsidies, incentives for clean energy, commonsense tax reforms that will compel corporations to pay some taxes, and the like—has to be mitigated by the fate of the even more commonsense provisions that now lie on the cutting-room floor.
For me, the most absurd relegation to that floor has been killing the proposal to give Medicare the ability to bring down drug prices. Seldom is a serious change to social and economic policy backed by more than three-fourths of the public, but this one surely was. Reportedly, President Biden has persuaded Kyrsten Sinema to accept a deal so preposterously weak—one that enables Medicare to negotiate down the price of drugs whose patents have expired (that is, after the big drug companies have wrung out the lion’s share of profits on those drugs, and which simply incentivizes those companies to extend their patents)—that few Democrats on the Hill seem inclined to vote for it. (Its merits are so nonexistent that the provision was omitted from Biden’s bill.)
Read Full Article »