There aren’t many things that Republicans and Democrats agree on. How’s that for an understatement? There is, however, a bipartisan effort to ban...

There aren’t many things that Republicans and Democrats agree on. How’s that for an understatement? There is, however, a bipartisan effort to ban members of Congress from trading individual stocks. The Transparent Representation Upholding Service and Trust (TRUST) in Congress Act, introduced by Reps. Abigail Spanberger (D-Va.) and Chip Roy (R-Tx.), would enact restrictions on members of Congress trading stocks while serving in public office. There have been attempts to bring more transparency to stock trading by members of Congress. That is not enough. There needs to be an outright ban. This legislation would require members of Congress and their immediate families to put securities, commodities, futures, and other comparable holdings into a qualified blind trust for the duration of their time in Congress. Assets in the qualified blind trust would be managed independently. The TRUST in Congress Act takes a significant step towards restoring public faith in Congress. Elected members should
be more concerned with the impact their proposals have on the public, not their portfolios.

Another Postal Increase

The United States Postal Service (USPS) continues its uphill battle trying to convince consumers of its continued speed, reliability, and affordability. But now, first-class mail consumers are being asked to pay more for an overstretched network plagued by service slowdowns. On January 22, America’s mail carrier hiked the price of first-class Forever stamps 5 percent from 60 cents to 63 cents after a two-cent increase (from 58 cents) in July. Taxpayers and consumers deserve a better and more responsive Postal Service that fixes its underlying issues instead of bilking them for worsening services. Until the USPS consolidates its network and fixes its nonsensical parcel pricing, stamp price hikes should be off the table.

Stamps are one of many products to see repeated price hikes over the past year. Consumers have had to cope with $4 gasoline, $5 for a dozen eggs, and… soon, more expensive Valentine’s Day chocolates and flowers. At least for these products, consumers know exactly what they’re getting once they cough up the extra cash. USPS deliveries aren’t what they used to be. Delivery wait times have gotten progressively longer as part of a plan by postal leadership to cut costs over the long-term. In October 2021, new service standards went into effect that tacked 1-2 days onto 30-40 percent of first-class mail. The USPS’ estimated cost savings per year amount to less than $200 million, a fraction of a percent of operating costs (~$80 billion) in any given year. The price hikes and service cutbacks will only erode the USPS’ brand without making a dent in the agency’s $100 billion in cumulative net losses. There are plenty of alternatives that postal leadership could pursue without cutting into
consumer expectations. The USPS could save more than $1 billion per year through more consistent reporting, auditing, and information-sharing. Additionally, the struggling agency has far more processing equipment and collection boxes than it needs. And, this excess network capacity diverts critical manpower away from tasks such as handling election mail. Even before Postmaster General (PMG) Louis DeJoy’s term, the agency was removing more than 2,000 collection boxes a year in order to allocate labor more efficiently. But these efforts didn’t go far enough.

The USPS Inspector General (IG) noted in 2016 that “removing unnecessary collection boxes throughout the Eastern Area would eliminate 73,043 work hours over the next 5 years,” saving millions of dollars. PMG DeJoy wisely ramped up removals of unneeded equipment, but an outcry fueled by postal misinformation forced him to halt these needed changes. Ramping up removals could go a long way toward creating a lean, consolidated postal network. In addition, the agency should consider shuttering or selling post offices that are losing money and close to other, operational post offices. A 2021 report by the IG notes that, “Among nearly 13,000 underwater post offices, one-quarter are within three miles of another post office and more than half are within five miles.” Closing these offices would be a welcome departure from the current approach of crude closures that leave consumers without any remaining offices nearby. Getting the USPS back into the black will take a coordinated and dedicated effort
by postal leadership and Congress. The beleaguered federal agency cannot and must not take the painful “short cut” of raising stamp prices on millions of Americans. The USPS must announce an end to price hikes and commit to fundamental reforms to avert (another) taxpayer bailout.

New Alzheimer’s Drug Shows What FDA Can Do

The Taxpayers Protection Alliance has been very critical of the Food and Drug Administration (FDA) for stopping the approval of many tobacco harm reduction products. Yet, not all of the news out of the FDA is bad. On January 6, agency regulators approved Leqembi (lecanemab-irmb) for the treatment of Alzheimer’s disease. This landmark medication works by entering the brain and clearing amyloid plaques, which many researchers believe are responsible for the disease’s debilitating cognitive effects. The FDA approval not only gives millions of patients more time with their loved ones, but also helps restore agency credibility following its controversial Aduhelm (another Alzheimer’s drug) approval. Hopefully, the decision to green-light Leqembi is a bellwether for regulatory reform and renewed flexibility at the FDA. Only time will tell if America’s drug regulator grants patients greater access to life-saving drugs. Alzheimer’s is an unrelenting disease that robs sufferers of all their memories
and meaningful connections. The awful affliction claims more than 120,000 lives in the United States each year, and the burden posed by the disease is set to double by 2060. Treatment options are practically non-existent, and patients and their families are desperate for anything that can slow the disease’s toll. Fortunately, Leqembi appears to offer that brief respite from Alzheimer’s. As Nature senior reporter Sara Reardon notes, the sponsors’ phase III trial “conducted in about 1,800 people with early-stage Alzheimer’s, found that the antibody slowed cognitive decline by 27% over 18 months of treatment.” However, patients will still need to weigh the cost and risks associated with the promising treatment. Three patients died over the course of clinical trials from complications related to brain bleeds and seizures. Even if patients think that’s worth the risk for a disease with a 100 percent mortality rate, they still may have to shell out a pretty penny for the drug.

The agency green-lit Aduhelm in 2021 despite some mixed clinical results and underwhelming early evidence presented on the drug. In early 2019, the drug’s sponsor (Biogen) had discontinued its development of the medication after study results painted a disappointing picture for Alzheimer’s patients. At the time, Biogen’s data was limited to patients who had completed drug trials in December 2018. More data soon came to light because a cohort of patients had continued taking the drug until March 2019. A subsequent reanalysis of the data including these longer-term patients found promising results. Patients administered Aduhelm in the resulting “EMERGE” trial logged a 23 percent improvement in cognitive functioning (via the Clinical Dementia Rating–Sum of Boxes test) compared to non-takers. These results were still a mixed bag because a twin trial that happened alongside “EMERGE” showed nil positive results for Aduhelm takers. The advisory committee evaluating the drug was unimpressed by
these conflicting results and overwhelmingly downvoted the medication. The FDA proceeded with approval, resulting in an uproar and subsequent suggestions that the agency disregarded its own rules in engaging with its sponsor. While it’s important for the agency to avoid any appearance of impropriety, the decision to break ranks with its advisory committee and approve the drug was likely the right one. Even the limited evidence that the medication slowed cognitive decline is a large consolation to the 6 million Americans living with a disease with no cure. And, CMS’ hard line on taxpayer-funded coverage encourages sponsors to continue monitoring patients and submitting evidence post-approval.

The FDA should continue approving promising medications such as Leqembi while giving federal insurers (e.g., Medicare and Medicaid) the space to reach reasonable conclusions on coverage. A system of checks and balances encourages pharmaceutical innovation while protecting taxpayers from subsidizing dubious treatments. With the right regulatory focus, 2023 can be a banner year for life-saving treatments.
BLOGS:

Monday: Joe Biden’s Tech Vision Will Hamstring Innovation ([link removed])

Tuesday: TPA Responds to DOJ Lawsuit Against Google ([link removed])

Wednesday: NTIA Foolishly Ignores Calls for Extension of Broadband Map Challenge ([link removed])

Thursday: Op-Ed: Alzheimer’s Drug Approval a Big Leap Forward for FDA ([link removed])

Friday: Profile in Courage: Rep. Patrick McHenry ([link removed])



Media:

January 20, 2023: The Del Norte Triplicate ([link removed]) (Crescent City, Calif.) ran TPA's op-ed, "Americans Deserve a Safe, Secure Postal System."

January 20, 2023: The Fairfield Sun Times ([link removed]) ([link removed]) (Fairfield, Mont.) ran TPA's op-ed, "President Biden’s Tech Vision Will Hamstring Innovation."

January 21, 2023: The Pennsylvania Daily Star ran TPA’s op-ed, “President Biden's Tech Vision Will Hamstring Innovation ([link removed]) .”

January 21, 2023: The Arizona Sun Times ([link removed]) ran TPA’s op-ed, “President Biden's Tech Vision Will Hamstring Innovation.”

January 21, 2023: The Ohio Star ran TPA’s op-ed, “President Biden's Tech Vision Will Hamstring Innovation. ([link removed]) ”

January 21, 2023: The Georgia Star News ([link removed]) ran TPA’s op-ed, “President Biden's Tech Vision Will Hamstring Innovation.”

January 21, 2023: The Virginia Star ran TPA’s op-ed, “President Biden's Tech Vision Will Hamstring Innovation ([link removed]) .”

January 21, 2023: The Michigan Star ([link removed]) ran TPA’s op-ed, “President Biden's Tech Vision Will Hamstring Innovation.”

January 21, 2023: The Tennessee Star Report ran TPA’s op-ed. “President Biden's Tech Vision Will Hamstring Innovation.” ([link removed])

January 21, 2023: The Ohio Press Network ([link removed]) ran TPA’s op-ed, “President Biden's Tech Vision Will Hamstring Innovation.”

January 21, 2023: The Connecticut Star ran TPA’s op-ed, “President Biden's Tech Vision Will Hamstring Innovation. ([link removed]) ”

January 21, 2023: The Minnesota Sun ran TPA’s op-ed, “President Biden's Tech Vision Will Hamstring Innovation.” ([link removed])

January 21, 2023: The Florida Capital Star ([link removed]) ran TPA’s op-ed, “President Biden's Tech Vision Will Hamstring Innovation.”

January 21, 2023: The Wisconsin Daily Star ran TPA’s op-ed, “President Biden's Tech Vision Will Hamstring Innovation. ([link removed]) ”

January 21, 2023: The Florida Daily ([link removed]) ran TPA’s op-ed, “President Biden's Tech Vision Will Hamstring Innovation.”

January 23, 2023: WBFF Fox45 (Baltimore, Md.) interviewed me about Gov. Wes Moore’s climate change agenda ([link removed]) .

January 23, 2023: WBFF Fox45 ([link removed]) (Baltimore, Md.) quoted TPA in their story, “FOX45 News demands action on request for documents about Safe Streets.”

January 25, 2023: The Center Square ([link removed]) ran TPA’s op-ed, “Taxpayers and consumers cannot afford another stamp price hike.”

January 25, 2023: WBFF Fox45 (Baltimore, Md.) quoted TPA in their story, “Governor Wes Moore proposes new state agency devoted to service, but is it necessary? ([link removed]) ”

January 25, 2023: The Washington Examiner ([link removed]) (Washington, DC) ran TPA’s op-ed, “Don't mistake big tech for bad tech.”

January 25, 2023: The Warwick Post ([link removed]) mentioned TPA in their story, "Magaziner Co-Sponsors Bill Creating TRUST In Congress Act."

January 25, 2023: Reason Magazine ([link removed]) mentioned TPA in their story, "DOJ Antitrust Suit Seeks To End Google Ad Dominance. The Market Is Already Taking Care of That."

January 25, 2023: I appeared on the Chris Stigall Show on 990 AM (Philadelphia, Pa.) to talk about the Fair Tax and debt ceiling.

January 26, 2023: WBFF Fox45 ([link removed]) (Baltimore, Md.) interviewed me about the debt ceiling.

January 26, 2023: I appeared on WBOB 600 AM (Jacksonville, Fla.) to talk about the IRS and Social Security insolvency.

January 26, 2023: I appeared on KRC 550 AM (Cincinnati, Ohio) to talk about the lawsuit against Google and the debt ceiling.

January 27, 2023: Issues & Insights ([link removed]) ran TPA's op-ed, "French President Macron Shows Way Forward On U.S. Entitlement Reform."

Have a great weekend!


Best,
David Williams
President
Taxpayers Protection Alliance
1101 14th Street, NW
Suite 1120
Washington, D.C. xxxxxx
www.protectingtaxpayers.org ([link removed])


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