Biden Threatens Pharmaceutical Companies With High Prices

Over the last 3 years, it is no secret that the economic conditions within the United States for most people among the working and middle class of the country has significantly worsened. In late 2022, rampant inflation which had reached levels not witnessed in over 40 years peaked, and the price of basic goods skyrocketed. Even this year, inflation has continued to hinder ordinary families, and its estimated that 6 in 10 Americans are living paycheck to paycheck. While the middle class of the country has been shrinking for decades in something known as the hourglass effect, the mandated government shutdowns which completely crippled the American economy in 2020 during the covid-19 pandemic had widespread effects on this problem.

Interest rates that were raised to help combat the inflation have made home ownership a near impossibility for many Americans. In another recent article written by Fox business, homes in the United States have increased to such prices that it is now impossible for families making the median income of around $70,000 a year to afford to purchase a home in 99% of the country. In truth, it appears that things are more difficult than ever before for working people in America and the young adults of the country face many obstacles like student loan debt, stagnating wages, and exorbitant costs in their attempts to begin their adult lives.

Another major problem for many people in the United States is that of the cost of healthcare. Prices for prescription drugs have risen exponentially, and many Americans have very poor opinions of major pharmaceutical companies who they believe are price gouging. In an effort to try to control the prices of prescription drugs, President Joe Biden has threatened major companies that they will have their patents revoked if government officials deem that their prices are too high. It is encouraging to see this effort and the sentiments expressed by the administration.