Biden Plans to Revoke Drug Patents to Lower Prices

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Unleash Prosperity Hotline
Issue #911
12/07/2023
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1) Biden Plans to Revoke Drug Patents to Lower Prices
This headline from Politico should send a cold shiver down the spine of anyone who cares about constitutional property rights and anyone who wants to win the race for the cure for deadly diseases from cancer to Parkinson's:

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Using this logic, we should just end the patent process altogether and instantly allow copycat generics for ALL drugs. Drug prices will plummet, Biden will be a hero...and we won't have a single new drug or vaccine for a long time.

Anyone, who themselves, or who has a family member, suffering from ALS, Parkinson's, Alzheimer's, MS, cancer, or epilepsy should be horrified by this action. The distinguished medical journal Health Affairs recently concluded: "Patents and other forms of intellectual property protection play essential roles in encouraging innovation in biopharmaceuticals." It is because of patents that the U.S. leads the world in drug R&D and the discovery of new wonder drugs.

We already know from research by University of Chicago economist Tomas Philipson that the White House drug price controls are slowing new drug development – which kills people.

Repealing patents strikes us as a blatant taking of intellectual property inimical to our entire free enterprise system. This an administration that has no respect for the rule of law and that believes that the ends justify any means. It also provides immediate political benefits in exchange for longer-term higher death rates.

It's a great strategy to lose the race for the cure for every killer disease.

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2) California's High-Speed Railway Robbery Bags Another $3.1 Billion
The California high-speed rail experiment will go down in history as one of the great public works fiascoes of all time. It just got worse.

The choo-choo that was to travel from Los Angeles to San Francisco in less than three hours and was forecast to cost $33 billion, is now expected to cost almost four times that amount, or $128 billion.

The train just got yet another lifeline from Washington. The Biden Administration has approved a new $3 billion federal grant that will cover, at most, not even one-third of the unfunded deficit for the 157-mile Merced to Bakersfield segment. The rest of the route connecting San Francisco to Los Angeles will be vastly more expensive due to the mountains.

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Someone should have pulled the plug on this rolling white elephant years ago. Now, federal taxpayers have to bear the cost for this money-burning machine, while Biden calls this an “investment.”

Why is anyone even the slightest bit surprised by this flop? These are the same people who gave us Amtrak 50 years ago with the solemn promise repeated umpteen times that “profitability is right around the corner.” It has lost money every year of operation.

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3) Nearly 200 House Democrats Voted Against Letting Americans Buy the Car of Their Choice
Every House Republican voted to ban Biden's electric vehicle mandates yesterday – but they were joined by just five Democrats.

That means 197 members of the notionally "pro-choice" party think Joe Biden should be allowed to dictate what kind of car you can drive.

We expect this to be a major issue in the 2024 campaigns.

Our advice is just in case these Democrats run the table in 2024, run out and buy a new gas car now while you still have a chance.

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4) Who Needs the Postal Service?
We were honored to host FedEx founder and chairman Fred Smith at our CTUP Economic Summit on Monday in New York City. This is an excerpt from some of his comments at the Summit and later from remarks at the Coolidge Foundation dinner:

When Federal Express began operations 50 years ago, on 17 April 1973, we served 25 cities and transported a whopping 186 packages the first night. Last Monday — Cyber Monday — FedEx picked up about 27 million packages in the United States and among the other 220 countries and territories we now serve. In addition, we transported over 110,000 freight shipments totaling more than 100 million pounds. As I stand here tonight, 18 jumbo FedEx freighters are crisscrossing the Atlantic; another 20 are doing the same across the vast Pacific; and still other Express freighters are flying along the spine of South America and between Asia and Europe and points in between.

We estimate FedEx transports about 6% of the U.S. GDP every business day. A particularly dramatic example of our capabilities occurred in 2021 when FedEx moved about half of the new COVID-19 vaccines to every corner of the U.S. and over 50 countries around the world.

We were able to monitor each and every one of tens of millions of these life-saving shipments using FedEx proprietary Sense Aware devices, and our day-certain service reliability for these all-important vaccines exceeded 99.8%!

That’s an astonishing record of accomplishment. Contrast this with the government-run Postal Service that—like Amtrak— as nowhere a 98% on-time delivery record and loses money each year.

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5) The Foreign Delegations Have Left Town – And So San Francisco Is Back to Its Pigsty Status
Last month, San Francisco officials and California Governor Gavin Newsom scrambled to clean up the streets and the city’s homeless encampments as foreign leaders arrived for the Asian-Pacific Summit (APEC).

Chinese media outlets relentlessly mocked the sudden focus on cleanliness. They sneered at Newsom for presenting to the world a fake San Francisco- a temporary Potemkin Village. (This is the kind of ploy that the Chinese and other communist countries are very good at pulling off themselves.) No one was fooled. As one Chinese news story put it: “You know when you have people over to your house you’re going to clean up the house.”

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But here we are just over a week later and conditions have already reverted back to the previous filth and squalor, as shown by the footage below. Just a couple of weeks ago, anti-camping laws were being enforced, the streets had been steam cleaned and the graffiti-covered over.

It just goes to confirm that nearly everything that Gavin Newsom says and does is fraudulent.

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6) Our Advice for the Fed

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