Wonkbook: Bernie Sanders thinks this ballot measure could 'spark a national movement'

By Carolyn Y. Johnson The pharmaceutical industry will be closely watching a different tight election race today — a California drug price referendum that has drawn $109 million in opposition funding and could have ripple effects beyond the state if it passes. The ballot initiative, Proposition 61, seeks to piggyback on the prescription drug discounts enjoyed …   The latest economic and domestic policy from Wonkblog   The ballot initiative drawing the most spending on the November ballot would not affect the average Californian, but drug companies have a major stake and are spending heavily to defeat it. (Alicia Chang/AP) By Carolyn Y. Johnson The pharmaceutical industry will be closely watching a different tight election race today — a California drug price referendum that has drawn $109 million in opposition funding and could have ripple effects beyond the state if it passes. The ballot initiative, Proposition 61, seeks to piggyback on the prescription drug discounts enjoyed by the U.S. Department of Veterans Affairs, requiring most state-funded health insurance programs to pay no more for drugs than VA. The ballot measure affects only drug coverage for a fraction of Californians, who account for about $3.8 billion in drug spending. But its merits and potential unintended consequences have been fiercely debated because of the possibility that the measure could be replicated in other states or trigger more efforts to control drug prices. Read the rest on Wonkblog. Chart of the day The share of national income enjoyed by the wealthiest Americans has continued to increase, indicating increased taxes imposed by President Obama and Congress have not discouraged the rich from working and investing. Max Ehrenfreund has more. Top election tweets Political scientists are the real winners today. 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