Heaven forbid Washington takes over pharmaceuticals: Varney

By OpinionFOXBusiness

Elizabeth Warren looks to lower drug prices with new bill

“Bulls & Bears” panel discuss how Senator Elizabeth Warren (D-Mass.) proposed a new bill called the Affordable Drug Manufacturing Act, which if passed will allow the U.S. government to manufacture generic versions of drugs.

You'd think we had learned the lesson: Government doesn't make things very well. It shouldn't be in the business of making anything at all, really, and experience bears that out. Growing up in socialist England, I learned early on that government made cars are not very good, and government made steel is extremely expensive.

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Nonetheless, America’s socialists are now demanding that our government get into the business of making drugs. Pharmaceutical products.

Sen. Elizabeth Warren has introduced legislation. The senator wants the government to buy the manufacturing rights to generic drugs, and then start making them. She believes this is the way to get drug prices down. And these government drugs would carry a "fair price,” whatever that is.

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This would be a real departure for America. In Europe, government ownership of manufacturing operations is fairly common. Heaven forbid it comes here. Do you think these drug factories would be run efficiently? Would prices really come down? Efficiency and competitive prices are not the hallmarks of socialism.

There's speculation that Sen. Warren will be a presidential candidate in 2020. Her government-run drug factories are no doubt a plank in her campaign.

"Ownership of the means of production" is the classic socialist line: Profits for the people, not for the wicked capitalists. That may sound attractive to someone who's never run a business. But socialism doesn't work over there, and it won't work here.