May 18, 2022
Listened to Bloomberg Radio today. I learned a few things and have the following opinions:
The FDA oversees almost 1/3 of our economy. Wow.
It has a limited inspection budget and as a result, companies do not live in fear of surprise inspections. Translation - some companies flaunt the regulations.
The FDA only inspected the Abbott plant because of a whistleblower. What it found reasonably required it to shut down the plant.
The Abbott plant produces 40 percent of the US supply of baby formula.
Some people are saying/screaming the government caused this shortage. The free market me disagrees. Our government — as socialist as it is - is not responsible for assuring an adequate supply of baby formula. That’s the market‘s job. The companies in the market surprisingly did not jump on this fully anticipated shortage to find ways to fill the hole. Granted it is a low margin business but still.
I don’t want my government being responsible for matching supply with demand. If we go there, we truly have jumped in the socialist pool.
It is surprising that those criticizing the government don’t see the irony in their criticism. Then again, not surprising.