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<v Speaker 1>You're listening to bill Handle on demand from KFI AM

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<v Speaker 1>six forty.

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<v Speaker 2>And this is KFI bill Handle on a Wednesday morningday,

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<v Speaker 2>August fourteenth. A couple of things new post on Instagram.

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<v Speaker 2>I met some new neighbors in my new house. I

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<v Speaker 2>went and met neighbors and we videoed it. And there's

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<v Speaker 2>a little seven year old girl that I probably have

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<v Speaker 2>completely destroyed her mental health for the next twenty years.

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<v Speaker 3>So just go to at bill Handle Show and you

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<v Speaker 3>can tune in on that one.

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<v Speaker 2>Also, podcast, a Bill Handle Show podcast is now up

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<v Speaker 2>and running every Tuesday and Thursday. It drops as I

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<v Speaker 2>end the show at nine o'clock. And this week you

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<v Speaker 2>what yesterday was Project twenty twenty five and tomorrow Supreme

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<v Speaker 2>Court cases that.

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<v Speaker 3>Will blow your mind going all the way back. Now,

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<v Speaker 3>what is it? Friday is the two year.

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<v Speaker 2>Anniversary of the Inflation Reduction Act. Tomorrow, the White House

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<v Speaker 2>is going to announce what happened with the Medicare negotiations

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<v Speaker 2>for the price of ten prescription drugs.

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<v Speaker 3>So let me tell you first of all how all

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<v Speaker 3>of this works.

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<v Speaker 2>Medicare has been able to negotiate with hospitals and doctors and.

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<v Speaker 3>Device makers for decades.

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<v Speaker 2>However, Medicare has not been able to negotiate with big pharma,

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<v Speaker 2>and people over sixty five take lots and lots of drugs. I,

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<v Speaker 2>for example, just took my morning meds and it is

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<v Speaker 2>a handful everything from blood while you know, I had

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<v Speaker 2>heart surgery, everything but blood pressure medication to blood thinner,

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<v Speaker 2>A lot of anti anxiety drugs, calmatives, lots and lots

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<v Speaker 2>of those.

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<v Speaker 3>Like xanax.

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<v Speaker 2>Lamictel is my anti anxiety drug of choice. And are

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<v Speaker 2>you ready for this? What le miickeel does to me

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<v Speaker 2>is calm me down. I know that's hard to believe,

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<v Speaker 2>but it calms me down. So what ended up happening

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<v Speaker 2>is under the Inflation Reduction Act, the government for the

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<v Speaker 2>first time is now allowed to negotiate and they started

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<v Speaker 2>negotiations and only on.

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<v Speaker 3>Ten prescription drugs.

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<v Speaker 2>That's it, right, talking to major big pharma on ten

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<v Speaker 2>drugs that are used by seniors and all of us.

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<v Speaker 2>Why well, because well, I tell you what the drugs are.

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<v Speaker 2>You've seen these commercials, for example, Jardians. You know it's

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<v Speaker 2>you know, people dancing around is Chardian's commercial? Will they

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<v Speaker 2>do that musical that looks like Glee if I'm not

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<v Speaker 2>mistaken trying to remember all these commercials and what they do,

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<v Speaker 2>and then you have, of course the disclaimers. You could die,

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<v Speaker 2>you know, your scrope could fall off, you know, just

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<v Speaker 2>all of that stuff.

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<v Speaker 3>That they do on the disclaimer.

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<v Speaker 2>But these drugs, these are name brand drugs, and they

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<v Speaker 2>cost hundreds, if not thousands of.

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<v Speaker 3>Dollars per month, and there are no breaks.

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<v Speaker 2>Now they tell you if you can't afford it, will

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<v Speaker 2>help you out. Okay, that's one percent. We can make

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<v Speaker 2>arrangements for you. If the insurance companies pay for it.

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<v Speaker 2>You're off the hook, or you're mainly off the hook.

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<v Speaker 2>I've got drugs that literally can cost and do cost

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<v Speaker 2>brand name two thousand dollars a month, and I've been

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<v Speaker 2>using a decades. Now. I'm a member of Kaiser and

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<v Speaker 2>they negotiate because there's five million people on the Kaiser Plan.

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<v Speaker 2>So what is happening now is that the government before

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<v Speaker 2>the law has changed and kicks in allowing Medicare to

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<v Speaker 2>now be part of the negotiating process with Big Pharma,

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<v Speaker 2>who had somehow excluded itself from negotiating with the government.

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<v Speaker 2>Everybody else negotiates, hospitals, doctors, the vice makers. They alln negotiate,

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<v Speaker 2>not pharmaceutical companies. That is changing and why is that?

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<v Speaker 2>Why did they get away with it? Well, look at

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<v Speaker 2>the lobbyists, look at the power of big pharma. It

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<v Speaker 2>is probably, if not the most powerful lobby that exists,

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<v Speaker 2>among the most powerful lobby And so what is happening?

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<v Speaker 2>And my favorite, absolute favorite response to the call for

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<v Speaker 2>lowering the price of drugs, By the way, we pay

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<v Speaker 2>in some cases ten times as much as.

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<v Speaker 3>Anybody else in the world pays.

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<v Speaker 2>And I'll tell you a story about France, I'll tell

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<v Speaker 2>you a story about other governments and negotiations with big

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<v Speaker 2>pharma and what's going to happen? And what the Pharmaceutical Association,

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<v Speaker 2>I don't know what the National Association of Pharmaceutical Associations

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<v Speaker 2>with all the pharmaceutical clubs belonged to. What they said

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<v Speaker 2>to defend the prices, it's stunning, It is stunning what

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<v Speaker 2>they said.

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<v Speaker 3>I couldn't even believe it.

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<v Speaker 2>And the Biden Harris administration now Kamala Harris wants fifty

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<v Speaker 2>new drugs per year negotiated down. And of course big

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<v Speaker 2>Pharma is has been just absolutely crazy fighting this, and

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<v Speaker 2>not only that, Republicans are fighting this and you go,

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<v Speaker 2>wait a minute, how is it possible that foreign countries

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<v Speaker 2>pay a third in some cases the tenth that we pay.

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<v Speaker 3>For the same medicine.

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<v Speaker 2>Well, because of political clout of the pharmaceutical companies and

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<v Speaker 2>the backing of most members of the Republican Party. So

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<v Speaker 2>the government negotiating with these pharmaceutical companies is very different

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<v Speaker 2>than your company or your insurance company negotiating. Story out

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<v Speaker 2>of France, and this is what happens with single payer.

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<v Speaker 2>France has nationalized government, nationalized medical care, and France, the

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<v Speaker 2>country negotiates with pharmaceutical companies. Eli Lilly comes in and

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<v Speaker 2>is introducing a drug and they want to go into France. Okay,

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<v Speaker 2>they're negotiating with the government of France to buy the

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<v Speaker 2>drug and set the prices.

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<v Speaker 3>So there is a great story.

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<v Speaker 2>Out of France where one of the big pharmaceutical companies,

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<v Speaker 2>I don't remember which one it came up with a

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<v Speaker 2>new drug and they wanted to pry. They wanted to

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<v Speaker 2>charge a ridiculous amount of money, and the government of

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<v Speaker 2>France said, no, we're not willing to pay that much.

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<v Speaker 2>And they said, well, there's no other drug out there.

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<v Speaker 2>We have it and you have no chill. And the

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<v Speaker 2>government said, you're right. If we wanted to have that drug,

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<v Speaker 2>you would you would have to get the price. So

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<v Speaker 2>tell you what, not only are we not going to

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<v Speaker 2>buy it, you're done in the French market for all

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<v Speaker 2>of your drugs.

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<v Speaker 3>Get out.

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<v Speaker 2>Oh okay, let's redo, let's revisit that one.

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<v Speaker 3>Okay.

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<v Speaker 2>But that's because the government can negotiate. And in this

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<v Speaker 2>case you got the You have the government of the

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<v Speaker 2>United States negotiating with.

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<v Speaker 3>Pharma over these ten drugs.

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<v Speaker 2>And it's on behalf of three hundred and twenty million

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<v Speaker 2>people or in the case of over sixty five let's

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<v Speaker 2>say they're one hundred million or fifty million.

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<v Speaker 3>I don't know.

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<v Speaker 2>The stats changes everything, and they finally came to the table.

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<v Speaker 2>And this is going to be part of Joe Biden's

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<v Speaker 2>legacy because he's been working for this for years.

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<v Speaker 3>And as I told you.

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<v Speaker 2>What when this came to being, when the government said

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<v Speaker 2>that the big pharmaceuticals have a gri read to negotiate

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<v Speaker 2>the price on ten drugs, and then more as the

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<v Speaker 2>years now are increasing, Next year there's more, the year

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<v Speaker 2>after that, there's more. Ann Harris wants fifty drugs per

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<v Speaker 2>year negotiated down. Why is all of a sudden Big

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<v Speaker 2>pharm is saying yes, Well, because they have no choice.

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<v Speaker 3>Governments said, tell you what, you don't do this. They've

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<v Speaker 3>been in negotiations for a couple of years.

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<v Speaker 2>You don't do this. Okay, we're gonna pass a law

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<v Speaker 2>that says we're gonna determine the price. Whoa, whoa, Okay,

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<v Speaker 2>we'll talk to you. Not so much determine the price,

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<v Speaker 2>just say you can't go above this price. They did

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<v Speaker 2>that with insulin. If you are on insulin and you

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<v Speaker 2>are a senior, you're not paying more than thirty five

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<v Speaker 2>bucks a month.

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<v Speaker 3>That's it. You're done. And they used to charge three hundred,

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<v Speaker 3>four hundred dollars a month and people couldn't afford it.

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<v Speaker 2>So, as I told you, how did Big Pharma? What

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<v Speaker 2>was their position regarding drug prices going down? And this

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<v Speaker 2>is the one that absolutely stunned me. They actually argued

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<v Speaker 2>that seniors paying less money for drugs is good for them.

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<v Speaker 2>They are better off paying less money. What how is

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<v Speaker 2>that possible? Well, here's their rationale. It costs so much

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<v Speaker 2>money to develop these drugs that if we don't get

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<v Speaker 2>our full price.

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<v Speaker 3>We are not going to.

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<v Speaker 2>Be able to generate the amount of research that it

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<v Speaker 2>takes to create the new drugs.

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<v Speaker 3>It's not going to make sense financially.

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<v Speaker 2>Therefore we need the money, and seniors won't get the

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<v Speaker 2>benefit of new drugs that we would develop. Okay, I

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<v Speaker 2>mean that's logical, that's logical. And then they come back with,

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<v Speaker 2>then how come you sell the drug in den Mark

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<v Speaker 2>or Norway or Mexico for a third the price.

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<v Speaker 3>Why don't you say the same thing to them?

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<v Speaker 2>Well, one thing, the government charge. The government negotiates the

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<v Speaker 2>price in those countries. And two, well, the answer is

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<v Speaker 2>the reason we charge them a tenth what we charge

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<v Speaker 2>here is uh uh uh exactly because they can get

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<v Speaker 2>away with it because it's private industry, because there's a

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<v Speaker 2>fear of the government getting involved, because it's socialism. By

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<v Speaker 2>the way, anybody you ask about socialist medicine, how horrible

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<v Speaker 2>it is. Just ask And by the way, when they

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<v Speaker 2>hit sixty five saying don't accept, saying don't accept medicare

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<v Speaker 2>because that's socialized medicine. Don't accept, just say no, I'd

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<v Speaker 2>rather pay for insurance on my own. How many how

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<v Speaker 2>many think would say okay, have you ever heard of

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<v Speaker 2>even those that are against medicare, Conservatives, pro business, pro

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<v Speaker 2>pharmacy industry, say I refuse to accept medicare. I won't

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<v Speaker 2>do it because that's the government paying for it.

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<v Speaker 3>Yeah, raise your hand. I've had talks.

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<v Speaker 2>I mean, I've had people on the phone screaming at

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<v Speaker 2>me about because I'm in favor of single payer. I

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<v Speaker 2>am in favor of socialized medicine. Like the rest of

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<v Speaker 2>the world. You know, we're the only industrialized country on

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<v Speaker 2>the planet that doesn't have socialized medicine.

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<v Speaker 3>Maybe South Africa, but that's it.

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<v Speaker 2>Every other country has governmental involvement in.

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<v Speaker 3>Medicine is considered a right to us. It's not a right.

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<v Speaker 2>And so I've had people say I don't want it,

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<v Speaker 2>I don't want it, but leave my medicare.

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<v Speaker 3>Alone, all right.

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<v Speaker 2>So the good news is now you're going to see

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<v Speaker 2>the commercial Jordian's commercial with that gal who's about one

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<v Speaker 2>hundred pounds overweight, dancing around and singing in glee, and

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<v Speaker 2>you are going to be able to pay far, far,

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<v Speaker 2>far less for your Jordians. Why because that's one of

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<v Speaker 2>the drugs that the government has negotiated down. The announcement

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<v Speaker 2>is going to come out tomorrow after the market's closed

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<v Speaker 2>because of the.

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<v Speaker 3>Fear it's going to accept. It's going to affect the markets.

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<v Speaker 2>By the way, these pharmaceutical companies are saying they don't

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<v Speaker 2>anticipate taking a big financial hit, they've already anticipated it.

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<v Speaker 2>I don't know how because they're selling drugs that would

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<v Speaker 2>go for four hundred dollars a month and now they're

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<v Speaker 2>going to pay thirty They're going to get thirty five

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<v Speaker 2>dollars a month, So I don't know how they're going

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<v Speaker 2>to get away with it.

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<v Speaker 3>Now.

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<v Speaker 2>If you're on Social Security, it's tough. It is tough now.

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<v Speaker 2>Every year raise last year I think it was five percent.

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<v Speaker 2>Actually one year it was eight percent. Because that's based

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<v Speaker 2>on inflation, and Social Security is supposed to keep up

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<v Speaker 2>with inflation.

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<v Speaker 3>It hasn't.

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<v Speaker 2>It is tougher and tougher for seniors and people.

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<v Speaker 3>And I've talked about this over and over again.

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<v Speaker 2>Social Security was never meant to be the sole retirement fund.

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<v Speaker 2>It was always meant to be that it was is

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<v Speaker 2>going to augment whatever retirement you have.

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<v Speaker 3>So there are people and I get.

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<v Speaker 2>Calls all the time on the Saturday Show, people who

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<v Speaker 2>are on Social Security who are living on eleven twelve hundred,

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<v Speaker 2>fifteen hundred dollars a month and they get evicted?

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<v Speaker 3>Is there anything I can do? Bill? And it is.

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<v Speaker 2>It's very, very tough to know those people are well.

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<v Speaker 2>A lot of older people are homeless, more so than

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<v Speaker 2>ever before because they just can't afford it getting Social Security.

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<v Speaker 2>And it's not keeping up with inflation. A couple of

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<v Speaker 2>years of the last twenty years, it is kept up

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<v Speaker 2>with inflation.

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<v Speaker 3>But let me tell you give you some stats.

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<v Speaker 2>Social Security benefits have lost twenty percent of their buying

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<v Speaker 2>power since twenty ten. Those who retired that year would

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<v Speaker 2>have needed a boost of three hundred and seventy dollars

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<v Speaker 2>a month to keep up.

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<v Speaker 3>On average.

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<v Speaker 2>Well, let me tell you need three thousand, four thousand

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<v Speaker 2>dollars three at least three thousand dollars a year if

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<v Speaker 2>it's only Social Security.

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<v Speaker 3>And keep in mind, how far.

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<v Speaker 2>Does three thousand, excuse me, three thousand dollars a month?

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<v Speaker 2>And how far does three thousand dollars a month go?

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<v Speaker 2>Here in southern California where rent can be three thousand

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<v Speaker 2>dollars a month, twenty five hundred dollars a month, who

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<v Speaker 2>is it that I just talked to that moved and

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<v Speaker 2>went to I think Texas or Arkansas, where a nice

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<v Speaker 2>one bedroom in a very nice neighborhood is twelve hundred

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<v Speaker 2>bucks a month, And if you're on Social Security, it's

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<v Speaker 2>across the board. You live in Arkansas, you're getting the

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<v Speaker 2>same amount of money that you're getting here. Social Security

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<v Speaker 2>is does not recognize geographical areas.

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<v Speaker 3>So it simply doesn't keep up. And next year's boost.

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<v Speaker 2>And it will be announced in October because they already

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<v Speaker 2>know the figures. It goes back a year and then

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<v Speaker 2>it goes back a year before that, and they do

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<v Speaker 2>an average.

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<v Speaker 3>There's a whole formula.

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<v Speaker 2>Here that's expected to be two point six percent based

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<v Speaker 2>on inflation that was through June, and that's a formula

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<v Speaker 2>two point six percent on Social Security. It is not

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<v Speaker 2>keeping up with inflation, even though infation inflation has dropped precipitously.

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<v Speaker 2>But inflation is going to be one of the big

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<v Speaker 2>big issues with this presidential election coming up in November,

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<v Speaker 2>because you will see the Republicans and Donald Trump talk

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<v Speaker 2>about how inflation is out of control.

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<v Speaker 3>It's not inflation is now it's controlled.

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<v Speaker 2>The problem is it already has gone up so high

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<v Speaker 2>that people don't recognize that it's flatlined. All they know

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<v Speaker 2>is the price of restaurants, the price of food, the

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<v Speaker 2>price of everything has in fact increase. And does it matter, Well, Neil,

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<v Speaker 2>you talk about restaurants all the time where food has

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<v Speaker 2>gone up so dramatically, and does it matter if it

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<v Speaker 2>hasn't gone up in the last year.

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<v Speaker 3>Do you think anybody cares?

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<v Speaker 1>Well, the people are making money from it.

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<v Speaker 3>But I'm talking about the consumer.

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<v Speaker 2>You me going into a restaurant and you're looking at

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<v Speaker 2>the prices and you're going, I can't believe that this entree. Well,

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<v Speaker 2>Hamburger's write, fifteen bucks for a Hamburger would be at

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<v Speaker 2>a high, high end restaurant. We'd go to Morton's down

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<v Speaker 2>the street and take clients to lunch, and it'd be fifteen.

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<v Speaker 3>Bucks for a Hamburger. That was a lot of money.

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<v Speaker 3>Now fifteen dollars nothing.

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<v Speaker 1>No, you find that anywhere, you know, which is what

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<v Speaker 1>is causing a trend of people not going to fast food.

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<v Speaker 1>They're going to sit down restaurants because they're going to

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<v Speaker 1>pay for the same cost and get better food, and

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<v Speaker 1>they'll sit down.

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<v Speaker 2>But the point I'm making is that prices went up

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<v Speaker 2>so quickly that that increase is now in everybody's head,

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<v Speaker 2>and it has become a legitimate political attack on.

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<v Speaker 3>Kamala Harris because it was under her.

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<v Speaker 2>Watch, Joe Biden's watch, that at prices increase so dramatically,

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<v Speaker 2>And it really doesn't matter.

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<v Speaker 3>Now tell you who gets nailed big time. People are on.

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<v Speaker 2>Social Security because it's not keeping up with inflation.

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<v Speaker 3>Actually, wages aren't keeping up with inflation.

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<v Speaker 2>They will, I think because it has leveled off and

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<v Speaker 2>there hasn't been an inflationary period like we've had for

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<v Speaker 2>a couple of years now. But it doesn't matter seniors.

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<v Speaker 2>I mean, it breaks my heart literally. I have phone

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<v Speaker 2>calls bill I get sixteen hundred dollars a month and

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<v Speaker 2>I'm paying twenty two hundred dollars a month for my apartment.

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<v Speaker 3>How do you do that? How do you do that? Well?

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<v Speaker 2>Family helps Now, I have fifteen roommates. My dumpster is

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<v Speaker 2>nice and roomy. I eat cat food now. I make

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<v Speaker 2>a lot of jokes about that, but I'm willing to

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<v Speaker 2>bet that there are more than a few people that

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<v Speaker 2>are homeless because and on Social Security because they just

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<v Speaker 2>can't afford it. Really is heartbreaking. Okay, just a story

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<v Speaker 2>about how you know your life is terrible. You know

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<v Speaker 2>I do a lot of those, don't I. There's just

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<v Speaker 2>something about your life is horrible. You're going to die

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<v Speaker 2>next week, You've gotten some strange disease that you will

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<v Speaker 2>never be able to cure.

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<v Speaker 3>It's just part of it, you know. That's what the

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<v Speaker 3>show is about.

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<v Speaker 1>Not that you do them because they are news stories.

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<v Speaker 1>It's the joy you've take in them that's a little off, but.

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<v Speaker 3>You know that's probably true. Okay. Hey, there's a.

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<v Speaker 2>Thing going on this out of the Wall Street Journal,

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<v Speaker 2>and that is a there's a trend of wearing shorts

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<v Speaker 2>at work, and it has to do with it is

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<v Speaker 2>becoming more and more casual, casual Fridays, which now don't

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<v Speaker 2>exist anymore because it's Monday through Friday. Casual people wearing shorts.

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<v Speaker 2>And I asked, and I'm thinking they've been asked, Neil

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<v Speaker 2>and Ann. They've been wearing and I'm talking about management,

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<v Speaker 2>even high management has been wearing jeans here for years.

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<v Speaker 2>Who the hell wears a tie anymore? I haven't seen

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<v Speaker 2>a tie around here in years.

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<v Speaker 1>Yeah, they've slowly moved away from that.

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<v Speaker 2>They have even the other day Paul Corvino, who is

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<v Speaker 2>our you know, the division president here. I mean, it's

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<v Speaker 2>about as high end as you're going to get on

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<v Speaker 2>the West Coast. There he is in jeans, open shirt,

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<v Speaker 2>and so I'm thinking, and the story says that there

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<v Speaker 2>is a move. Now there's a counter move saying, hey,

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<v Speaker 2>you got to be professional.

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<v Speaker 3>People still expecting to be professional, and the.

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<v Speaker 2>Reality is when you see clients, then you wear a

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<v Speaker 2>coat and tie. For example, tomorrow, I have a meeting

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<v Speaker 2>with a client, perspective client, and I'm dressing up. I

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<v Speaker 2>am wearing my shorts that don't have holes in them,

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<v Speaker 2>and I'm gonna wear one of my Hawaiian shirts that

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<v Speaker 2>I bought at Costco, and I'm gonna wear my mandals.

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<v Speaker 3>And that's expected.

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<v Speaker 2>And people around here, well, it's casual Monday through Friday,

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<v Speaker 2>and it's just what's going on there.

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<v Speaker 3>And there is a counterpoint on this there actually is.

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<v Speaker 2>There are actually is a move against this because they're

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<v Speaker 2>saying business has gone so informal that we sort of

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<v Speaker 2>lost all formality, all professionality. So so i'd share that

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<v Speaker 2>with you.

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<v Speaker 3>Because we're wearing shorts, you wear pants, You don't wear shorts,

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<v Speaker 3>so you.

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<v Speaker 1>Neil, I do wear shorts around the house. I don't

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<v Speaker 1>wear shorts to work, huh, very really, even on Saturdays

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<v Speaker 1>when I go in to do the Foe Report. I

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<v Speaker 1>don't know that I've ever worn shorts.

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<v Speaker 3>Yeah, you're not a short kind of guy, all right.

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<v Speaker 1>No, I like shorts, I just don't tend to wear

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<v Speaker 1>them to work, all right, I do constantly.

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<v Speaker 3>Yeah, thanks for that.

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<v Speaker 2>Yeah, I just like the air flowing around. I don't

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<v Speaker 2>want to get into that, all right.

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<v Speaker 3>Just a quick one.

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<v Speaker 2>Just Instagram is up at Bill Handle Show. I met

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<v Speaker 2>my new neighbors and videoed it and you'll see what

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<v Speaker 2>I did to a little seven year old girl.

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<v Speaker 3>It's very handlesque.

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<v Speaker 2>And the podcast, the Bill Handle Show podcast is now

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<v Speaker 2>been running. It every Tuesday and Thursday at nine o'clock.

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<v Speaker 2>A new episode drops yesterday it was Project twenty twenty five.

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<v Speaker 2>Tomorrow at nine o'clock. It is supreme Court cases that

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<v Speaker 2>will blow your mind. And since I don't listen to it,

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<v Speaker 2>I'd love for you to share your thoughts unless you

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<v Speaker 2>hate the show. And then well, actually, if you hate

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<v Speaker 2>the show, that's even better, and I'll probably respond and

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<v Speaker 2>tell you to go pound sand and not in those words,

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<v Speaker 2>because that's the Internet.

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<v Speaker 3>That's it.

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<v Speaker 2>We're done tomorrow more it starts all over again. Amy,

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<v Speaker 2>wake up call five o'clock. Neil and I join Amy

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<v Speaker 2>at six when we do the morning show Kono and

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<v Speaker 2>and as I say every day, never go home.

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<v Speaker 3>And we are finished. Catch it tomorrow, everybody.

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<v Speaker 2>This is kf I Am six forty live everywhere on

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<v Speaker 2>the iHeartRadio app.

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<v Speaker 3>You've been listening to the Bill Handle Show.

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<v Speaker 2>Catch my Show Monday through Friday, six am to nine am,

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<v Speaker 2>and anytime on demand on the iHeartRadio app.