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Biden gets aggressive on drug prices, seeking contrast with Trump on December 12, 2023 at 11:00 am Business News | The Hill

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President Biden is leaning into lowering health care costs and picking fights with the drug industry to show what he could bring to a second term and contrast with likely GOP nominee former President Trump. 

Biden is embracing aggressive policies to tackle high drug prices and campaigning as someone willing to take on the pharmaceutical industry.  

Health care has consistently been a winning issue for Democrats in recent elections, and the president’s reelection campaign wants to highlight both present and future ways he is lowering costs for Americans.  

The administration last week announced it had the authority to “march in” and break the patents of drugs developed using taxpayer money if the administration considers them to be too expensive. 

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In a short video posted on X, formerly known as Twitter, Biden said the move was a “very important step towards ending price gouging, so you don’t have to pay more for medicine than you need.”  

Progressives have long called for the administration to exercise its so-called “march-in rights” on high-priced drugs, but the White House has been hesitant to even recognize it as a possibility.  

As a candidate in 2020, Biden was also reluctant to embrace the strategy, in contrast to challengers including Sens. Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.).  

Most recently, the administration declined a petition to force Pfizer and Astellas to lower the price of their cancer drug Xtandi, which costs between $160,000 and $180,000 per patient a year. 

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But in a sign of the role health costs could play in the 2024 election, even moderate Democratic lawmakers like Rep. Richard Neal (D-Mass.) praised the move as “cracking down on price gouging.” 

The new announcement did not endorse widespread use of the authority, and officials emphasized there was not a specific drug they were immediately targeting.  

Still, the move served as a warning to the drug industry, which is now gearing up for a new fight with the White House. 

“If the price of collaborating with the government is that your patents are going to being seized or the price of the drug’s going to be set, there’s going to be a lot less collaboration,” Stephen Ubl, CEO of the trade group PhRMA, said during an event hosted by The Hill. 

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“The Administration is sending us back to a time when government research sat on a shelf, not benefitting anyone,” the group added in a post on X. 

In response, the Biden campaign said simply: “Oh no. We’ve upset Big Pharma again.” 

This latest jab at the pharmaceutical industry follows one of the administration’s signature health care achievements: giving Medicare the ability to negotiate some drug prices.   

Final decisions about the prices are expected to be announced in September — just ahead of the election — though they won’t take effect until 2026. Industry and industry-aligned groups have filed close to a dozen lawsuits to stop or delay it.  

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The lawsuits are a point of pride for administration allies, and they serve to bolster Biden’s populist message. 

“Even as big drug companies throw all of their resources at lawsuits and lobbying to keep their profits high, President Biden has not wavered in his commitment to fight for working families and make prescription drugs more affordable,” said Leslie Dach, chair of the Democratic-aligned group Protect Our Care.  

The latest drug pricing announcement comes as the campaign seeks a winning economic message that breaks through with voters. The administration is focusing on pocketbook issues aimed at helping families keep expenses in check and tying health policies to Biden’s economic successes.  

Health care affordability could give the president a boost among both younger voters and those over age 65.  

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It could also give the White House a tangible counterpoint to concerns about inflation. 

While polls show more Democrats than Republicans say they care about health costs, the issue ranks high across the political spectrum.  

A November tracking poll from health policy research group KFF released earlier this month found 8 in 10 voters said health care affordability was “very important” for candidates to discuss on the campaign trail, second only to inflation.  

The issue was prominent among voters 18 to 29 and among voters age 65 and older, who were specifically concerned about the future of Medicare and Social Security.  

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Biden’s campaign has been touting some of the president’s signature achievements to make drug prices affordable and bring down health costs, like capping insulin costs in Medicare and allowing Medicare to negotiate drug prices — all while drawing a major contrast to Trump.  

“Donald Trump was too weak to take on Big Pharma and lower prescription drug prices for seniors as president — but Joe Biden got it done. As a result, millions are seeing lower prices on the lifesaving medications they rely on,” Biden-Harris 2024 spokesperson Seth Schuster said in a statement to The Hill.  

Trump talked tough on going after drug costs during his presidency, but none of his major policies were implemented.  

“If Trump has his way in a second term, prices will skyrocket and Americans who are currently benefiting from $35 insulin may have to choose between paying rent and affording their essential medication,” Schuster added. 

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Part of the challenge for the campaign is making sure their message is breaking through and that people realize what the administration has already accomplished.  

The same KFF poll showed few adults in the U.S. are aware that the Inflation Reduction Act is meant to bring down the cost of prescription drugs for people on Medicare — despite Biden signing the law more than a year ago. 

Only 32 percent of adults said they were aware that there’s a law that requires the federal government to negotiate the price of some drugs for Medicare enrollees, though it was 25 percent in July. 

While more adults aged 65 and older said they were aware of a law capping the cost of insulin for people with Medicare, only about a quarter of people overall said they were aware of it. 

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​Business, Health Care, News, Policy President Biden is leaning into lowering health care costs and picking fights with the drug industry to show what he could bring to a second term and contrast with likely GOP nominee former President Trump.  Biden is embracing aggressive policies to tackle high drug prices and campaigning as someone willing to take on the pharmaceutical industry. …  

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Google Accused Of Favoring White, Asian Staff As It Reaches $28 Million Deal That Excludes Black Workers

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Google has tentatively agreed to a $28 million settlement in a California class‑action lawsuit alleging that white and Asian employees were routinely paid more and placed on faster career tracks than colleagues from other racial and ethnic backgrounds.

How The Discrimination Claims Emerged

The lawsuit was brought by former Google employee Ana Cantu, who identifies as Mexican and racially Indigenous and worked in people operations and cloud departments for about seven years. Cantu alleges that despite strong performance, she remained stuck at the same level while white and Asian colleagues doing similar work received higher pay, higher “levels,” and more frequent promotions.

Cantu’s complaint claims that Latino, Indigenous, Native American, Native Hawaiian, Pacific Islander, and Alaska Native employees were systematically underpaid compared with white and Asian coworkers performing substantially similar roles. The suit also says employees who raised concerns about pay and leveling saw raises and promotions withheld, reinforcing what plaintiffs describe as a two‑tiered system inside the company.

Why Black Employees Were Left Out

Cantu’s legal team ultimately agreed to narrow the class to employees whose race and ethnicity were “most closely aligned” with hers, a condition that cleared the path to the current settlement.

The judge noted that Black employees were explicitly excluded from the settlement class after negotiations, meaning they will not share in the $28 million payout even though they were named in earlier versions of the case. Separate litigation on behalf of Black Google employees alleging racial bias in pay and promotions remains pending, leaving their claims to be resolved in a different forum.

What The Settlement Provides

Of the $28 million total, about $20.4 million is expected to be distributed to eligible class members after legal fees and penalties are deducted. Eligible workers include those in California who self‑identified as Hispanic, Latinx, Indigenous, Native American, American Indian, Native Hawaiian, Pacific Islander, and/or Alaska Native during the covered period.

Beyond cash payments, Google has also agreed to take steps aimed at addressing the alleged disparities, including reviewing pay and leveling practices for racial and ethnic gaps. The settlement still needs final court approval at a hearing scheduled for later this year, and affected employees will have a chance to opt out or object before any money is distributed.

H2: Google’s Response And The Broader Stakes

A Google spokesperson has said the company disputes the allegations but chose to settle in order to move forward, while reiterating its public commitment to fair pay, hiring, and advancement for all employees. The company has emphasized ongoing internal audits and equity initiatives, though plaintiffs argue those efforts did not prevent or correct the disparities outlined in the lawsuit.

For many observers, the exclusion of Black workers from the settlement highlights the legal and strategic complexities of class‑action discrimination cases, especially in large, diverse workplaces. The outcome of the remaining lawsuit brought on behalf of Black employees, alongside this $28 million deal, will help define how one of the world’s most powerful tech companies is held accountable for alleged racial inequities in pay and promotion.

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Luana Lopes Lara: How a 29‑Year‑Old Became the Youngest Self‑Made Woman Billionaire

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At just 29, Luana Lopes Lara has taken a title that usually belongs to pop stars and consumer‑app founders.

Multiple business outlets now recognize her as the world’s youngest self‑made woman billionaire, after her company Kalshi hit an 11 billion dollar valuation in a new funding round.

That round, a 1 billion dollar Series E led by Paradigm with Sequoia Capital, Andreessen Horowitz, CapitalG and others participating, instantly pushed both co‑founders into the three‑comma club. Estimates place Luana’s personal stake at roughly 12 percent of Kalshi, valuing her net worth at about 1.3 billion dollars—wealth tied directly to equity she helped create rather than inheritance.

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Kalshi itself is a big part of why her ascent matters.

Founded in 2019, the New York–based company runs a federally regulated prediction‑market exchange where users trade yes‑or‑no contracts on real‑world events, from inflation reports to elections and sports outcomes.

As of late 2025, the platform has reached around 50 billion dollars in annualized trading volume, a thousand‑fold jump from roughly 300 million the year before, according to figures cited in TechCrunch and other financial press. That hyper‑growth convinced investors that event contracts are more than a niche curiosity, and it is this conviction—expressed in billions of dollars of new capital—that turned Luana’s share of Kalshi into a billion‑dollar fortune almost overnight.

Her path to that point is unusually demanding even by founder standards. Luana grew up in Brazil and trained at the Bolshoi Theater School’s Brazilian campus, where reports say she spent up to 13 hours a day in class and rehearsal, competing for places in a program that accepts fewer than 3 percent of applicants. After a stint dancing professionally in Austria, she pivoted into academics, enrolling at the Massachusetts Institute of Technology to study computer science and mathematics and later completing a master’s in engineering.

During summers she interned at major firms including Bridgewater Associates and Citadel, gaining a front‑row view of how global macro traders constantly bet on future events—but without a simple, regulated way for ordinary people to do the same.

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That realization shaped Kalshi’s founding thesis and ultimately her billionaire status. Together with co‑founder Tarek Mansour, whom she met at MIT, Luana spent years persuading lawyers and U.S. regulators that a fully legal event‑trading exchange could exist under commodities law. Reports say more than 60 law firms turned them down before one agreed to help, and the company then spent roughly three years in licensing discussions with the Commodity Futures Trading Commission before gaining approval. The payoff is visible in 2025’s numbers: an 11‑billion‑dollar valuation, a 1‑billion‑dollar fresh capital injection, and a founder’s stake that makes Luana Lopes Lara not just a compelling story but a data point in how fast wealth can now be created at the intersection of finance, regulation, and software.

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Harvard Grads Jobless? How AI & Ghost Jobs Broke Hiring

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America’s job market is facing an unprecedented crisis—and nowhere is this more painfully obvious than at Harvard, the world’s gold standard for elite education. A stunning 25% of Harvard’s MBA class of 2025 remains unemployed months after graduation, the highest rate recorded in university history. The Ivy League dream has become a harsh wakeup call, and it’s sending shockwaves across the professional landscape.

Jobless at the Top: Why Graduates Can’t Find Work

For decades, a Harvard diploma was considered a golden ticket. Now, graduates send out hundreds of résumés, often from their parents’ homes, only to get ghosted or auto-rejected by machines. Only 30% of all 2025 graduates nationally have found full-time work in their field, and nearly half feel unprepared for the workforce. Go to college, get a good job“—that promise is slipping away, even for the smartest and most driven.​

Tech’s Iron Grip: ATS and AI Gatekeepers

Applicant tracking systems (ATS) and AI algorithms have become ruthless gatekeepers. If a résumé doesn’t perfectly match the keywords or formatting demanded by the bots, it never reaches human eyes. The age of human connection is gone—now, you’re just a data point to be sorted and discarded.

AI screening has gone beyond basic qualifications. New tools “read” for inferred personality and tone, rejecting candidates for reasons they never see. Worse, up to half of online job listings may be fake—created simply to collect résumés, pad company metrics, or fulfill compliance without ever intending to fill the role.

The Experience Trap: Entry-Level Jobs Require Years

It’s not just Harvard grads who are hurting. Entry-level roles demand years of experience, unpaid internships, and portfolios that resemble a seasoned professional, not a fresh graduate. A bachelor’s degree, once the key to entry, is now just the price of admission. Overqualified candidates compete for underpaid jobs, often just to survive.

One Harvard MBA described applying to 1,000 jobs with no results. Companies, inundated by applications, are now so selective that only those who precisely “game the system” have a shot. This has fundamentally flipped the hiring pyramid: enormous demand for experience, shrinking chances for new entrants, and a brutal gauntlet for anyone not perfectly groomed by internships and coaching.

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Burnout Before Day One

The cost is more than financial—mental health and optimism are collapsing among the newest generation of workers. Many come out of elite programs and immediately end up in jobs that don’t require degrees, or take positions far below their qualifications just to pay the bills. There’s a sense of burnout before careers even begin, trapping talent in a cycle of exhaustion, frustration, and disillusionment.

Cultural Collapse: From Relationships to Algorithms

What’s really broken? The culture of hiring itself. Companies have traded trust, mentorship, and relationships for metrics, optimizations, and cost-cutting. Managers no longer hire on potential—they rely on machines, rankings, and personality tests that filter out individuality and reward those who play the algorithmic game best.

AI has automated the very entry-level work that used to build careers—research, drafting, and analysis—and erased the first rung of the professional ladder for thousands of new graduates. The result is a workforce filled with people who know how to pass tests, not necessarily solve problems or drive innovation.

The Ghost Job Phenomenon

Up to half of all listings for entry-level jobs may be “ghost jobs”—positions posted online for optics, compliance, or future needs, but never intended for real hiring. This means millions of job seekers spend hours on applications destined for digital purgatory, further fueling exhaustion and cynicism.

Not Lazy—Just Locked Out

Despite the headlines, the new class of unemployed graduates is not lazy or entitled—they are overqualified, underleveraged, and battered by a broken process. Harvard’s brand means less to AI and ATS systems than the right keyword or résumé format. Human judgment has been sidelined; individuality is filtered out.

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What’s Next? Back to Human Connection

Unless companies rediscover the value of human potential, mentorship, and relationships, the job search will remain a brutal numbers game—one that even the “best and brightest” struggle to win. The current system doesn’t just hurt workers—it holds companies back from hiring bold, creative talent who don’t fit perfect digital boxes.

Key Facts:

  • 25% of Harvard MBAs unemployed, highest on record
  • Only 30% of 2025 grads nationwide have jobs in their field
  • Nearly half of grads feel unprepared for real work
  • Up to 50% of entry-level listings are “ghost jobs”
  • AI and ATS have replaced human judgment at most companies

If you’ve felt this struggle—or see it happening around you—share your story in the comments. And make sure to subscribe for more deep dives on the reality of today’s economy and job market.

This is not just a Harvard problem. It’s a sign that America’s job engine is running on empty, and it’s time to reboot—before another generation is locked out.

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