Under the Influence - Why Your Prescription Drugs Cost So Much - 60 Minutes
If this excellent 60 Minutes segment (Under the Influence) discussing the shenanigans surrounding the passage of the Medicare prescription drug bill doesn’t make your blood boil, check for a pulse:
If you have ever wondered why the cost of prescription drugs in the United States are the highest in the world or why it’s illegal to import cheaper drugs from Canada or Mexico, you need look no further than the pharmaceutical lobby and its influence in Washington, D.C.
According to a new report by the Center for Public Integrity, congressmen are outnumbered two to one by lobbyists for an industry that spends roughly a $100 million a year in campaign contributions and lobbying expenses to protect its profits.
One reason those profits have exceeded Wall Street expectations is the Medicare prescription drug bill. It was passed three-and-a-half years ago, but as 60 Minutes correspondent Steve Kroft reports, its effects are still reverberating through the halls of Congress, providing a window into how the lobby works.
Watch the entire video.
The only thing wrong with the segment is that it came out three-and-a-half years after the bill was passed.
Realize that this single piece of legislation added $8 trillion to America’s future financial obligations. That’s more than all the money borrowed by the United States since it was founded 230 years ago. It’s like a gigantic credit card charge put on the backs of future generations.
Financially irresponsible? Clearly. Immoral? One could certainly make that case.
If you’re not aware of the upcoming Medicare crisis and what it may mean for you, check out this earlier post:
Why Everyone - Both Young and Old - Should Care Now About the Big Changes Coming to Medicare
One thing’s for certain: The people who take preventive steps now (e.g., through nutrition and lifestyle changes) are going to be much better positioned both financially and health-wise as the health care system changes.
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