WANT BETTER AND CHEAPER DRUGS?
The most monumental mistake of George W. Bush’s first term was his Medicare Prescription Drug bill. You have read that it is going to cost American taxpayers an estimated $6 trillion. That’s more than the entire current federal debt. But - it is much, much worse than that.
Let’s begin with the asinine assumption that in order for the cost to be only six trillion over the next 40 or so years, average American life expectancy will increase by just two years. For the last 125 years, life expectancy in America has been increasing by three months per year. For the last 30 years, as infant mortality rates have shrunk to be statistically marginal, all of the increase has gone to the elderly. By 2050, Americans will be living at least 11-12 years longer than today - which doubles the time folks will collect Medicare (and Social Security) benefits.
So now we’re at twelve, not six, trillion in prescription drug costs alone. Yet we are just getting started. George Bush’s bribe of prescription drug “benefits” for old folks who still refused to vote for him in the numbers he expected is going to cost our kids and their kids well over 20 trillion dollars.
I can tell you what the solution is - but unless you’re a fan of Milton Friedman and Ludwig von Mises, economists who fully understand how government regulation can ruin a market sector, it will take getting used to.

