Social Security In Danger

[Dr. Shane]

Report warns of insolvency for social security, medicare

The report, issued on Tuesday by the trustees who monitor the government’s two main forms for help for the elderly, shows that Medicare has become more fragile as well and is at greater risk than Social Security of imminent fiscal collapse. Starting eight years from now, the report says, the health-insurance program will be unable to pay all its hospital bills.

The findings put a stark new face on the toll the recession has taken on the two enormous entitlement programs. They also intensify a political debate, gathering strength among Democrats and Republicans, over how quickly President Obama should tackle Social Security when health-care reform is his administration’s most urgent domestic priority.

[Dr. Shane]

It is too bad that President Bush wasn't successful in getting Social Security reform through. I think that was his biggest failure. He had control of both houses in Congress and failed on this most important task. If a small portion of Social Security money was invested in the market it would not only increase returns to Social Security but it would also provide stability for the market which would help decrease such highs and lows.

[Dr. Shane]

I don't think the Bush's prescription drug benefit was a good idea. A better idea is to let foreign drug manufactures sell their drugs here. I buy my prescription drugs in Mexico at a fraction of what they cost here.

[carolaa]

I think people are worried that foreign countries would not be held to the same regulation standards or be held accountable when mistakes happen.

[Liz]

I think people are worried that foreign countries would not be held to the same regulation standards or be held accountable when mistakes happen.

Exactly, take China for instance, do you really want your life-saving meds coming from a place that might put lead in it?

[bonnie]

I don't think the Bush's prescription drug benefit was a good idea. A better idea is to let foreign drug manufactures sell their drugs here. I buy my prescription drugs in Mexico at a fraction of what they cost here.

When you are almost forced to drop your private insurance that does cover drug costs for medicare which only covers 80% and then a supplemental that covers 20% with no drug coverage something had to be put into place.

What business or service does government provide that is economical and efficient

[Dr. Shane]

I think people are worried that foreign countries would not be held to the same regulation standards or be held accountable when mistakes happen.

Are we talking about liability? I don't think that is an issue. Foreign businesses doing business in the US are open to liability. For example, if I buy steel joists from a manufacturer in Mexico I actually to the financial transaction here in the US. If there becomes an issue I can sue that manufacturer. From what I understand, he is still liable for the product he sold me. It would be like buying a Toyota, having a problem and suing them. Every elevator now installed in America is installed by a foreign company. Think about the risk we take every time we use an elevator.

Now if we are talking about quality the same logic holds true. When foreign companies make cars and elevators for us they must meet our standards. There is nothing special about American brains and American hands that make us better able to manufacturer medical drugs. More people die from taking the wrong drug or taking the drug in the wrong dosage than from the actual drug not being manufactured properly. Thousands of people along the US boarder with Canada and Mexico use foreign prescription drugs. I have lived here for 11 years now and have never heard of anyone ever dying from getting bad drugs from Mexico (at least not prescription drugs).

[carolaa]

I actually think your idea is worth considering, but I think those are the things people are afraid of. You're right that foreign companies do all kinds of business here, so why not drugs?

[carolaa]

Do you think the pharmaceutical lobbies and/or the FDA would fight it?

[phkrause]

I think they would, because than they couldn't molopolize, and make all that money. If they had competition than the prizes would come down.

pk

[Dr. Shane]

Do you think the pharmaceutical lobbies and/or the FDA would fight it?

I think the pharmaceutical companies have a lot of influence with the FDA. Yes, I think they are terrified of having to compete with foreign drug makers.

I do think we have to protect domestic pharmaceutical makers to a point so they can make enough money to keep developing drugs. I think it is only fair to extend their copyright protection. Right now they have to copyright a drug when it is first developed and before it is tested. By the time it gets approved by the FDA and on the market they have lost most of the time the copyright grants them. I think they should get 15 years protection from the time they get FDA approval. Currently they get 20 years protection from the time they are invented.