by Greg Palast
Eighty billion dollars of WHAT?
I searched all over the newspapers and TV transcripts and no one asked the President what is probably the most important question of what passes for debate on the issue of health care reform: $80 billion of WHAT?
On June 22, President Obama said he'd reached agreement with big drug companies to cut the price of medicine by $80 billion. He extended his gratitude to Big Pharma for the deal that would, "reduce the punishing inflation in health care costs."
Hey, in my neighborhood, people think $80 billion is a lot of money. But is it?
I checked out the government's health stats (at HHS.gov), put fresh batteries in my calculator and totted up US spending on prescription drugs projected by the government for the next ten years. It added up to $3.6 trillion.
In other words, Obama's big deal with Big Pharma saves $80 billion out of a total $3.6 trillion. That's 2%.
Hey thanks, Barack! You really stuck it to the big boys. You saved America from these drug lords robbing us blind. Two percent. Cool!