Too much of the Biden administration comes down to self-righteous compassion and fiddle-faddle analysis without a hint of wisdom or common sense. A recent example is an absurd decision to strip U.S. pharmaceutical companies of patents that, like others, protect their accomplishments, profits and lives all over the world.
The point is to deny them intellectual property rights for their creation of vaccines shielding people from COVID-19, so that other entities can produce the vaccines free of cost. Supposedly, this will alleviate misery in countries such as India right now suffering mightily. The truth is these countries could suffer more as a consequence.
It's hard to witness Indian heartache and not want to help in some way, but assistance is in the works. After their technical conquest, drug companies in the United States are gushing with wondrously effective anti-coronavirus vaccine doses ever closer to availability for overseas rescue. It's reported the firms had been establishing foreign partnerships that could chip in with proper guidance.
What we did not need was a president exerting powers he does not have. Patent laws are made by Congress, and this autocrat's announced deal with the World Trade Organization will deliver intellectual property to foreign producers for free so that they can fumble while robbing pharmaceutical firms.
Even though consumers will never quit complaining about high drug prices, understand that our competitive, free-market system has incentivized more health-enhancing, lifesaving drug discoveries than in any other nation anywhere. Yes, some companies have crossed the line while most have been squeezed into higher prices through regulatory miscalculation.
What we're now talking about is weakening the rights that spur innovation and make us great. Let's see what happens as Moderna and Pfizer stock prices plummet and other companies worry about similar mistreatment now and in the future.
Regressive progressives will tell us how anti-capitalist aspirations solve all problems eventually. Actually, when you punish instead of rewarding medicinal heroes, you are more likely to kill people.
As another example of miswrought sympathy, now consider how Biden and congressional buddies whooped it up for at least a $300 federal addition to state unemployment insurance checks, making it just maybe more profitable to stay home, sip some beer and watch TV instead of searching out jobs.
In March, virus-plagued Americans snapped up 916,000 employment opportunities and experts expected they would grab a million in April. Instead, they took 266,000, a real letdown that could also relate to fears of infection, the kinds of jobs most available and lack of necessary skills. But here is what you should not doubt — that the Biden trillions aimed at socialist delight will only decrease enthusiasm for long commutes, possibly dicey bosses or even the dignity and independence of a productive job.
Meanwhile Biden has plans to pay for at least some of all the government spending, debt increases and printed money backed up by undue optimism. He wants to raise corporate taxes from 21% to maybe 28% or maybe just 25% along with other squelch-the-rich proposals, such as higher taxes on top capital gains. Even putting aside legalistic loophole research, the cost will be a strain on wages and new jobs. Prices will get higher as we get ever closer to equality of hardship.
Compassion needs a compass.