In Defense Of Medicare Part D

Tyler Cowen cites a few cost-benefit research papers. One finding:

Overall, a $1 increase in prescription drug spending is associated with a $2.06 reduction in Medicare spending.

Cowen adds:

It's a little late to go through all the usual pro and con arguments on the policy as a whole.  I'd just like to note that -- relative to its reputation -- the Medicare prescription drug benefit is one of the most underrated government programs of our time.  If the goal is to cut or check Medicare spending, and I think it should be, we should do it elsewhere in the program.

It's also possible that the prescription drug benefit will do more for peoples' health (as opposed to their financial security) than will the Obama plan. Try getting people to consider that.  The debate has become very emotional and not for the better.