A Toxic Drug-Price Deal

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Wall Street Journal reports on one of the latest demorat political maneuvers.

Linkagehttps://www.wsj.com/articles/a-toxic...pos_5#cxrecs_s

So much for self-reflection after a political drubbing. Democrats are responding to last week’s defeat by rushing President Biden’s spending framework through the House while rewriting it on the fly—and they’ll worry about the consequences later. Consider the latest compromise to reduce drug prices, which will do the opposite.

Progressives hope that passing legislation in the name of lower prices will increase senior support for their spending bill. But some House Democrats balked at earlier legislation that imposed draconian price controls that would have killed the incentive for drug innovation. Enter Chuck Schumer and Nancy Pelosi, who pieced together an agreement between their party’s warring factions. It should come with a black-box warning.