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To the Editor:
It is increasingly obvious that our divisions in this country are becoming deeper and more bitter. The middle class is shrinking. Understandingly, feelings of frustration, hopelessness, disappointment and resentment are increasing, and the public becomes easier to mislead and manipulate. In real terms, the hard work of people increasingly provides less and less to them, and too often they are led to seek easy solutions.
This is partially a consequence of the repeal of laws protecting consumers and the public. They have been replaced with laws designed to protect special interests. Many industries are now allowed to regulate themselves. As an easy example, over the past 30 years the pharmaceutical industry successfully guided Washington to complete deregulation. For years, these drug companies prevented Medicare and other government agencies from negotiating prices. This increased the cost to plan participants and the public, all to the great benefit of the drug companies.
The United States has the most expensive health care system. The top 35 public pharmaceutical companies retained on average 13.8% of their revenues in two recent years. This should be compared to the 7.7% retained revenues of 357 of our largest public companies.
Pharmaceutical companies spent more than $357.85 million on lobbying in a recent year. This is over twice as much lobbying expenditures as the next biggest industry: insurance companies.
Critics of this system of purchased welfare for drug companies, are often labeled “socialists.” It is strange and ironic to characterize efforts to increase pricing competition as “socialism.”
We are fortunate to be represented by Congresswoman Lauren Underwood in the 14th district. She has sponsored more than 10 pieces of federal legislation, with most directed to provide quality health care at an affordable price. Among her bills are two reducing the cost of insulin for diabetics. Presidents Trump and Biden each signed one of them into law.
Lauren Underwood fought for and secured some of the health care benefits in the recently enacted Inflation Reduction Act and allowing government negotiation of drug prices.
She deserves our thanks and votes.
Fred Dickson
Oswego