November 10, 2006
One I Called Right
My electoral predictions, errr, sucked.
My prescient warnings of electoral failure on the immigration issue are disputed by many at ThreeSources
The Broncos did not get blown out in Indianapolis
But, Michael J Fox notwithstanding, the election of Democrats will have an adverse effect on medical innovation by chasing capital out of the pharmaceutical sector.
Greg MankiwYesterday, as the market was processing all the political news, the stock market was up slightly ( 0.2%), but pharmaceutical companies took a hit.
My interpretation: The Dems will likely give us lower drug prices and less research into new drugs. Good news if you plan to be sick soon. Bad news if you plan to be sick in the more distant future.
Told you so. People who'll cheer a bake sale for MDA or go nuts over an AIDS walk don't see this chart as denoting the real funding prospects for research.
Hat-tip: Josh at Everyday Economist