[Congressional Record (Bound Edition), Volume 149 (2003), Part 12]
[House]
[Page 16137]
[From the U.S. Government Publishing Office, www.gpo.gov]




                     THE PRESCRIPTION DRUG PROGRAM

  (Mr. SMITH of Michigan asked and was given permission to address the 
House for 1 minute and to revise and extend his remarks.)
  Mr. SMITH of Michigan. Mr. Speaker, on the prescription drug program 
that we are about to vote on this week, I am not an expert on health 
care or prescriptions; but I have observed over the years what happens 
when government takes over some of these programs. The big change of 
course was when we amended the Social Security bill in 1965 to add 
Medicare. We estimated at that time that the cost of Medicare by 1990 
would be $9 billion. It was $70 billion projected 2003 to be $26 
billion, but the actual cost today is $265 billion. This bill we are 
estimating at $400 billion. I suggest that is a very low estimate, and 
the second 10 years is the greater challenge because of retirements.
  To seniors, the danger is they are going to start out with choice on 
whether seniors keep their current Medicare and other insurance; but 
eventually as government goes broke and needs the money, there is the 
tendency to force everybody in the program to moderate the cost of the 
program. Industry is promoting this system because eventually they are 
going to reduce their prescription drug coverage to the retirees that 
they are now paying for. After that comes rationing. I think there are 
a lot of disadvantages for seniors in this bill, Mr. Speaker.

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