May 19, 2016
U.S. Government Study Shows Why TPP Should Not Be Passed
But Report Ignores the Impact of Higher Prescription Drug Prices on American Consumers and Retirees
Richard Fiesta, Executive Director of the Alliance for Retired Americans, released the following statement regarding the International Trade Commission (ITC) TPP report that was released today:
“The ITC Report proves that our concerns about the TPP were well founded. It admits that there will be fewer manufacturing jobs and assumes that workers who lose jobs would immediately find new ones. That has not been our experience with any previous global trade agreement, and we have no confidence that the TPP would be any different.
“Most troubling to older Americans, the report fails to take into account the high drug costs that are expected to result from the TPP. Prescription drug costs are increasing much faster than inflation, and the TPP will only make the situation worse. The TPP agreement would enable drug companies to fight the cost-control measures already used by Medicare and Medicaid and may prevent Congress from enacting additional cost-control measures in the future.”
More information about the link between the TPP and drug prices is available at https://retiredamericans.org/trans-pacific-partnership-tpp/