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Obama’s economic ignorance is profound when it comes to health care

Dude’s a buffoon, and we all know it.  Here’s B.O.’s quote demonizing the health insurance industry:

“Every year, they raise premiums higher and higher,” Obama said “They will keep doing this for as long as they can get away with it.”

By the way, while President Training Wheels slams the industry for having the audacity to profit, the ObamaCare plan basically writes a $330+ billion check to the health insurance companiesWhiskey Tango Foxtrot?  “You guys make too much money and ought to be ashamed of yourself!  So, to teach you a lesson, I’m giving you a 1/3-trillion dollar check.  Guess you’ll be more careful in the future, now won’t you?”

But John at Powerline breaks it down beautifully:

Obama says insurers will raise premiums “as long as they can get away with it.” You could say the same about a lot of people, of course. We lawyers have tended to raise our rates as long as we could “get away with it.” Obama’s labor union supporters negotiate to raise their wages “as long as they can get away with it.” The newspapers that made Obama a national figure raise their advertising rates “as long as they can get away with it.” Any manufacturer will raise the price of its goods “as long as they can get away with it.” To do otherwise could expose management to legal liability to shareholders. What stops all of us from raising our prices indefinitely? Why, at some point, can’t we “get away with it?”

The answer is competition. Any company will–and should–raise the prices of its goods or services until they reach the point where they are constrained by competition. Our government has followed a perverse policy with regard to health care, by limiting the extent to which health insurers can compete against each other and thereby constrain each others’ prices. The obvious solution, if we want to rein in health insurance costs, is to 1) broaden competition in the industry to the maximum amount possible, and 2) repeal all mandates that require insurance companies to charge for coverages that many people don’t want.

Exactly.  But the goal isn’t quality, affordable healthcare.  The goal is statist control over the lives of every American.  When they own your health, they own you.

March 9, 2010 - Posted by | big government, economic ignorance, health care, Obama, socialism

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