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The editorial reprinted from the Mankato Free Press on May 1, "Worker shortage cure: immigration," suggests an increase in immigration to relieve worker shortages caused in part by an aging population. What it doesn't mention is that these new workers will also age out of the workforce resulting in demand for an ever-increasing population to meet those needs. At some point we must find ways to adjust to a mature demographic structure, filling jobs that are essential and closing out some that are not.
Les Everett, Falcon Heights
LOWERING DRUG PRICES
Companies won't do it for us
The drug industry group PhRMA has repeatedly sponsored misleading full-page ads in this paper (one example ran on April 13).
It's amusing to see two of the greediest profiteers in our insane, for-profit health care system — drug and insurance companies — blaming each other for the unaffordability of prescription drugs. The truth is, they are both guilty, as are the lawmakers who have failed to rein in these two price-gouging industries!
PhRMA's flawed argument, that price regulation will result in reduced innovation and hope for lifesaving cures, is false. A Jan. 6 article from the Lever — "How Big Pharma Actually Spends Its Massive Profits" — reveals the results of a study by university economists. Quoting the article, the study found: "Between 2012 and 2021, the 14 largest publicly-traded pharmaceutical companies spent $747 billion on stock buybacks and dividends — substantially more than the $660 billion they spent on research and development ... ." While stock buybacks do wonders for enriching shareholders and CEOs, they do nothing for innovation.
Companies also waste money on lobbying and political contributions (over $645 million in the last two years) and marketing (tens billions of dollars annually). In addition, large pharmaceutical companies "spend billions of dollars annually on legal maneuvering to protect existing patents and preserve their market monopolies," according to a 2021 Harvard Business Review article.