Email L. Henry Platt, Jr.
HEALTHCARE: THE TRUTH
Great Health Care is paid for by wealthy people. They want it, and in a free society (such as the United States during its first century and a quarter) they pay real money for it. Generous people contribute toward the costs of care of those of modest means, but the affluent pay the price of newer and often more expensive care. After the wealthy have paid top dollar for new and better products, the efficiencies of production reduce the cost so everyone can enjoy.
For thousands of years risky ventures have been financed by others. Isaac served his father-in-law for fourteen to secure the hand of the beautiful Rachel in marriage. In the last five hundred years these ventures have been codified and refined to allow vast numbers of those who might choke to think of themselves even as comfortable and responsible, but they are both. They have purchased their positions with codified agreements called insurance.
Insurance is an agreement by one party to pay a second party for needs for his needs in the event of certain defined situations. A person buys insurance to pay off the note he used to buy a home if the home is destroyed. Insurance is also used to prepay medical expenses. In the United States when George W. Bush was President, taxable profits for the domestic insurance companies (as I recall) were usually less than 10%%.
In the healthcare sector President Obama seems to be as uninformed as ever in his plans to reduce costs. These plans may reduce budgetary expenditures, but forcing doctors to leave the profession is hardly progress. Changing the patent laws to deny drug companies a chance to make a profit on their research and development is patently stupid, and it violates the Constitution of the United States of America (1787) which he swore to uphold, support and defend! Establishing a hundred new Bureaucracies to define the road to health and happiness will mightily expand patronage and the obese specter of our nation! It will not provide any growth in the real GDP.
© L. Henry Platt, Jr.