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As a way to tackle drug prices, President Joe Biden recently announced that he supports the so-called “inflation rebate,” which would require drug companies to give the federal government any revenue from Medicare drug prices above the general rate of inflation. Senate Finance Committee Chairman Ron Wyden and House Speaker Nancy Pelosi have also publicly endorsed the inflation rebate.

This op-ed originally appeared in the Boston Globe. It was written by Pioneer’s Charlie Chieppo along with AEI’s Beth Akers. There’s no doubt that the United States faces a student loan debt crisis. But the problem would be addressed much more effectively...