President Biden’s recent State of the Union consisted largely of celebrations of big government and proposals for new government programs. Yet, he actually described himself as a “capitalist.” This may top Richard Nixon’s claim that he “is not a crook” in the annals of absurd Presidential self-descriptions.
Biden the “capitalist” proposed new price controls on prescription drugs. Widely discredited by every credible health care provider, rescription drug price controls will not just reduce the capital necessary to finance development of new drugs, but will likely reduce the supply of life saving or sustaining medicines. Our capitalist President also proposed “Buy American” regulations as a means to fight inflation. But how can limiting the options available for business to purchase supplies lower costs?
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