McCain: Deregulate health insurance, like banking

• Sep 22, 2008 Posted by Dr. Alex Blum
  Sat, 20 Sep 2008
  Don McCanne's "Quote of the day" mailing list
  
  Contingencies
  September/October 2008
  Better Care at Lower Cost for Every American
  By John McCain
  
  We can no longer afford to promise more than we can deliver. Nor can
  we risk misdiagnosing the problem and devising a cure that might harm
  the patient.
  
  The problem is not that most Americans lack adequate health insurance.
  The vast majority of Americans have private insurance, and our
  government spends billions each year to provide even more.
  
  Fundamental health care reform must begin with restoring control to
  individuals and their families as health care consumers and patients
  and making them the central focus of our health care system.
  
  Opening up the health insurance market to more vigorous nationwide
  competition, as we have done over the last decade in banking, would
  provide more choices of innovative products less burdened by the worst
  excesses of state-based regulation.
  
  http://www.contingencies.org/septoct08/mccain.pdf
  
  
  Comment:  Let there be no doubt about John McCain's plans for health
  care in America: Just as reducing the burden of government regulation
  of real estate lending has allowed more individuals to achieve the
  American dream of owning their own homes, reducing regulatory
  oversight of private insurers will make health care more affordable
  for all of us.
  
  Many people made a lot of money in home loans while the regulators
  turned their backs. Of course, those people have walked away with
  their siphoned-off money in hand, and left us with a market that has
  destroyed the finances of individuals and shattered their dreams of
  home ownership. The magnitude of the crisis is so great that the
  government had to step in and use our tax dollars to prevent the
  collapse of the economy.
  
  John McCain now wants the regulators to turn their backs on the
  private insurance industry. By selling us insurance products that are
  affordable, many people will make a lot of money. When those
  underinsurance products fail to protect us from financial hardship
  whenever we need heath care, our personal finances will collapse, and
  the financing of the health care industry will be disrupted, resulting
  in the impending collapse of the health care delivery system. By then,
  those who profited will have walked away with their siphoned-off money
  in hand, leaving us with a health care crisis that only the government
  will be able to repair, using our tax dollars to prevent the collapse
  of our health care system.
  
  Just as a robust deregulated market in sub-prime lending and
  mortgage-backed securities was not the solution to expand home
  ownership to more Americans, a robust deregulated market in private
  health underinsurance plans can never make health care affordable for
  those who need it.
  
  Barack Obama understands that if private insurance plans are to
  fulfill their function of making health care affordable, then the
  market must be tightly regulated, and underinsurance products must be
  prohibited. He also understands that private plans that actually work
  are no longer affordable for the majority of Americans. That is why he
  decided against mandating universal health care coverage; you can't
  buy a plan if you don't have the money to pay for it.
  
  Neither a market of deregulated private plans nor a market of
  tightly-regulated private plans will work. Continuing to rely on the
  private insurance market will compound the crisis in health care
  financing, eventually forcing a government buyout of the system.
  Instead of waiting for more pain, suffering, financial hardship, and
  even death, let's adopt a system that actually would make health care
  affordable for all of us: a single payer national health program.
  
  Isn't prevention better than a salvage operation?
  
  
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