After a week of lying and covering up his tracks, a leaked internal White House memo shows that Barack Obama did indeed go behind the backs of Americans to carve out a deal with the big pharmaceutical companies.
This is the same Obama who promised during his campaign to use the power of the government to drive down the costs of drugs to Medicare recipients. According to the memo, Obama agreed to protect the pharmaceutical companies from Congressional efforts to bargain for lower prices for drugs or to import lower priced drugs from Canada. Please read that last sentence again and let it sink in.
In return, the big drug companies agreed to cut $80 billion in projected costs to taxpayers and Medicare recipients over the next 10 years. That’s $10 billion per year that the big drug companies don’t mind coughing up because they stand to make hundreds of billions more per year from the outrageously high prices of drugs.
