Here’s Democrat Rep. John Dingell telling us all why it’s such a good idea to allow the government to dictate drug prices to the pharmaceutical companies under Medicare:

Supporters said the government could save $96 billion over 10 years by negotiating for drugs bought in bulk. Opponents called the plan a ``bumper sticker’’ policy that sounds good even as government studies show it won’t produce savings.

``It will deliver lower premiums to the seniors, lower prices at the pharmacy, and savings for all taxpayers,’’ House Energy and Commerce Committee Chairman John Dingell, a Michigan Democrat, said on the House floor today.

Well Dingell is certainly convinced that the Dem plan for Medicare prescription drugs will work.  Too bad the Congressional Budgeting Office’s experts disagree, in a letter written directly to Rep. Dingell himself:

CBO estimates that H.R. 4 would have a negligible effect on federal spending because we anticipate that the Secretary would be unable to negotiate prices across the broad range of covered Part D drugs that are more favorable than those obtained by PDPs under current law.

If Dingell has some evidence to support the conclusions he’s trying to sell to the American people I’d certainly like to see it.

(via Greg Mankiw)