Wayne Winegarden
Blog
Spending Watch
An Irresponsible FY2025-26 Budget All but Ensures Future Fiscal Crises
An Irresponsible FY2025-26 Budget All but Ensures Future Fiscal Crises Wayne Winegarden July 2025 Another fiscal year, another lost opportunity. In a June 2025 Spending Watch analysis, I lamented that Newsom was relying on gimmicks to close the current $12 billion budget deficit. The final budget the governor and legislative ...
Blog
The 340B Discounts Hospitals Receive Will Often Exceed Total Drug Prices in Europe
Table 1: PBM Fees and Rebates Can Exceed International Prescription Medicine Prices by As Much As 900% I previously highlighted how estimated rebates and fees PBMs receive for 10 commonly used brand medicines far exceed the total prices of those medicines in eight OECD countries (see Table 1). For example, ...
Blog
Read the latest on California's growing budget problem
Deficits as Far as the Eye Can See
In its Multiyear Budget Outlook, the Legislative Analyst’s Office (LAO) summed up the dire state of California’s fiscal state. According to the LAO, Both our office and the Department of Finance (DOF) project operating deficits ranging from $10 billion to $20 billion over the multiyear period. These shortfalls represent future ...
Blog
Read the latest on the push for drug price controls
To Improve Drug Affordability Congress Should Fix the Payment System
Demanding that drug prices in the U.S. equal overseas prices is akin to demanding that the price of all expensive handbags should equal the prices for the knockoffs that people purchase from street vendors. Of course knockoff bags are cheaper. They violate the intellectual property rights of the bag’s maker, ...
Blog
Spending Watch
The May Revision Should Assume A Weaker Fiscal Position for FY2025-26
The May Revision Should Assume A Weaker Fiscal Position for FY2025-26 Wayne Winegarden April 2025 The recently enacted tariffs are significant tax increases on consumption and production, as I discussed in a February 2025 PRI Issue Brief. These tariffs will increase costs for consumers and reduce profits for businesses both ...
Blog
Imposing Price Controls on U.S. Drugs Won’t Level the Playing Field
The cost of capital for developing a new drug is $2.9 billion, including post approval research and development costs. Meanwhile, the process to develop a drug takes 10 years and only 12 percent of drugs make it to market. These costs do not change simply because governments impose price controls ...
Commentary
Growing LNG Exports Demonstrate The Benefits Of Deregulation
Less than three years ago, Germany was capping energy prices and considering rationing fuel as Europe scrambled to replace cheap Russian oil and natural gas. Today the German market is well supplied and, as of March 10, 2025, no shortages are anticipated. Transformative investments in U.S. based liquefied natural gas ...
Biosimilars
Fixing The Regulatory Flaws Biosimilars Face Will Help Patients
About a month ago, the Centers for Medicare & Medicaid Services announced the next 15 drugs that will be subject to the maximum fair price (MFP) negotiation process. These negotiations are essentially a means to impose price controls on selected medicines. If the Trump Administration truly wants to help patients, ...
Blog
Spending Watch
Backfilling Lost Federal Education Funding Will Cost California Dearly
Backfilling Lost Federal Education Funding Will Cost California Dearly Wayne Winegarden February 2025 The erratic actions of the Trump Administration are undoubtedly making it more difficult for states to budget for the upcoming 2026 fiscal year. The knee-jerk reaction from many California politicians is to call for more taxes on ...
Business & Economics
Tariffs Harm American Consumers, Manufacturers and the Economy, Warns New Study
SACRAMENTO – Recently enacted and proposed tariffs will have devastating consequences for American families, businesses, and the overall economy, according to a new study by the Pacific Research Institute. The report, authored by economist Dr. Wayne Winegarden, finds that tariffs will lead to higher consumer prices, increased manufacturing costs, and ...
Spending Watch
An Irresponsible FY2025-26 Budget All but Ensures Future Fiscal Crises
An Irresponsible FY2025-26 Budget All but Ensures Future Fiscal Crises Wayne Winegarden July 2025 Another fiscal year, another lost opportunity. In a June 2025 Spending Watch analysis, I lamented that Newsom was relying on gimmicks to close the current $12 billion budget deficit. The final budget the governor and legislative ...
The 340B Discounts Hospitals Receive Will Often Exceed Total Drug Prices in Europe
Table 1: PBM Fees and Rebates Can Exceed International Prescription Medicine Prices by As Much As 900% I previously highlighted how estimated rebates and fees PBMs receive for 10 commonly used brand medicines far exceed the total prices of those medicines in eight OECD countries (see Table 1). For example, ...
Read the latest on California's growing budget problem
Deficits as Far as the Eye Can See
In its Multiyear Budget Outlook, the Legislative Analyst’s Office (LAO) summed up the dire state of California’s fiscal state. According to the LAO, Both our office and the Department of Finance (DOF) project operating deficits ranging from $10 billion to $20 billion over the multiyear period. These shortfalls represent future ...
Read the latest on the push for drug price controls
To Improve Drug Affordability Congress Should Fix the Payment System
Demanding that drug prices in the U.S. equal overseas prices is akin to demanding that the price of all expensive handbags should equal the prices for the knockoffs that people purchase from street vendors. Of course knockoff bags are cheaper. They violate the intellectual property rights of the bag’s maker, ...
Spending Watch
The May Revision Should Assume A Weaker Fiscal Position for FY2025-26
The May Revision Should Assume A Weaker Fiscal Position for FY2025-26 Wayne Winegarden April 2025 The recently enacted tariffs are significant tax increases on consumption and production, as I discussed in a February 2025 PRI Issue Brief. These tariffs will increase costs for consumers and reduce profits for businesses both ...
Imposing Price Controls on U.S. Drugs Won’t Level the Playing Field
The cost of capital for developing a new drug is $2.9 billion, including post approval research and development costs. Meanwhile, the process to develop a drug takes 10 years and only 12 percent of drugs make it to market. These costs do not change simply because governments impose price controls ...
Growing LNG Exports Demonstrate The Benefits Of Deregulation
Less than three years ago, Germany was capping energy prices and considering rationing fuel as Europe scrambled to replace cheap Russian oil and natural gas. Today the German market is well supplied and, as of March 10, 2025, no shortages are anticipated. Transformative investments in U.S. based liquefied natural gas ...
Fixing The Regulatory Flaws Biosimilars Face Will Help Patients
About a month ago, the Centers for Medicare & Medicaid Services announced the next 15 drugs that will be subject to the maximum fair price (MFP) negotiation process. These negotiations are essentially a means to impose price controls on selected medicines. If the Trump Administration truly wants to help patients, ...
Spending Watch
Backfilling Lost Federal Education Funding Will Cost California Dearly
Backfilling Lost Federal Education Funding Will Cost California Dearly Wayne Winegarden February 2025 The erratic actions of the Trump Administration are undoubtedly making it more difficult for states to budget for the upcoming 2026 fiscal year. The knee-jerk reaction from many California politicians is to call for more taxes on ...
Tariffs Harm American Consumers, Manufacturers and the Economy, Warns New Study
SACRAMENTO – Recently enacted and proposed tariffs will have devastating consequences for American families, businesses, and the overall economy, according to a new study by the Pacific Research Institute. The report, authored by economist Dr. Wayne Winegarden, finds that tariffs will lead to higher consumer prices, increased manufacturing costs, and ...
