Are You Ready for 2009?

Signs of tough times ahead:

Barack Obama's latest ad in Pennsylvania is titled "Billy"--as in Billy Tauzin, CEO of the Pharmaceutical Research & Manufactures of America trade association.


Sure sounds like price negotiation under Medicare Part D will be part of President Obama's agenda.

If you think John McCain will win in November, consider the speech he delivered this morning in Pennsylvania, promising changes to Medicare Part D as well.

"Many retired Americans face the terrible reality of deciding whether to buy food, pay rent or buy their prescriptions. And their government should help them. But when we added the prescription drug benefit to Medicare, a new and costly entitlement, we included many people who are more than capable of purchasing their own medicine without assistance from taxpayers who struggle to purchase their own. People like Bill Gates and Warren Buffet don't need their prescriptions underwritten by taxpayers. Those who can afford to buy their own prescription drugs should be expected to do so. This reform alone will save billions of dollars that could be returned to taxpayers or put to better use."

If a debate over price negotiation sounds ugly, consider how industry will be painted in a debate over cutting the benefit itself.

Good thing Hillary is still in the race...