Madam Speaker, there are so many things wrong with the policies in this bill. It will certainly punish Americans' pocketbooks through record-high inflation, new taxes, and an army of IRS agents. It can get even worse. This drug price setting regime in the bill, which I want to speak about briefly, may very well put American lives at risk. The CBO agreed. Fewer drugs will be developed as a result of the policies in this bill. According to a study from the University of Chicago, government price controls in the bill will block 342 new cures from reaching market over the coming decades. That means that our constituents and family members who are battling diseases like cancer or Alzheimer's may well be left with no hope of finding a cure. The university estimates that blocking these cures will collectively take 330 million years off of Americans' lives. That is 1 year per American, which, by the way, is a toll 31 times worse than the COVID-19 pandemic. American innovation and ingenuity got this country out of the COVID- 19 pandemic. This bill abandons free enterprise in favor of socialism and will cost the taxpayer too many dollars and cancer patients too many years.
On the recordAugust 12, 2022
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