For a moment, Donald Trump finally seemed to be on the verge of real economic populism. The president announced last week that his administration would be instituting a 'most favored nation' policy that would peg drug costs in the United States to the much lower prices paid in other developed countries. 'Some prescription-drug and pharmaceutical prices will be reduced almost immediately by 50 to 80 to 90 percent,' he declared. Robert F. Kennedy Jr., picking up on the horseshoe-theory dynamic, observed, 'I have a couple of kids who are big Bernie Sanders fans. And when I told them that this was going to happen, they had tears in their eyes, because they thought this is never going to happen in our lifetime.' Those tears might have been premature. When the text of Trump's executive order became available, the actual policy turned out to be very different from what the president had claimed. In fact, it wasn't really a policy at all. If the president were serious about solving...
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