Former Secretary of Labor Robert Reich revealed how pharmaceutical companies and the Republican Party are scamming Americans on prescription drugs.
“Pharmaceutical companies are using their savings from Trump’s corporate tax cut to buy back shares of their own stock — enriching executives and wealthy investors as prescription drug prices continue to skyrocket,” he explained.
“According to a new investigative report by Sen. Cory Booker’s (D-NJ) office into the pharmaceutical industry’s practices, since the tax law went into effect, drug makers have already announced plans to spend $45 billion buying back their own stock,” Reich explained.
“At the same time, drug companies, including Pfizer, continue to jack up prices,” he continued. “In the last 14 months, twenty prescription drugs say their prices rise by more than 200 percent.”
“It’s a two part scam,” Reich suggested. “Pharma executives gouge the public with higher drug prices while Trump and Republicans line their pockets with bigger tax cuts.
“This is the reality of trickle-down economics in America,” he concluded.