by Ben Cohen
While Republicans argue that socialized medical care will destroy lives and kill old people, there is a stunning fact that should make even the most ardent free marketer sit up and listen. As Andrew Sullivan points out, if costs are not dramatically controlled, all other business will cease to exist:
If you look at
the current house bill with the most steam behind it, this is what the
Congressional Budget Office says it will do to costs: “The net cost of the
coverage provisions would be growing at a rate of more than 8% per year in
nominal terms between 2017 and 2019; we would anticipate a similar trend in
the subsequent decade.”
That means almost no industry will exist in the US in the next decade except
healthcare. And that’s because every other industry will go bankrupt trying
to pay for it. How does GM compete when it has to pay a medical bill that
German car companies largely leave to the government?
The argument to leave the current system in place simply does not hold up. Privatized medical care has proved to be completely inefficient, and the only people who seem to want it don’t understand it or work for the insurance industry (and that includes the GOP). In the case of medical care, if you truly believe in the principles of capitalism and the market, you must use socialism to preserve it. If we socialize the cost of health care, we can concentrate on innovation and growth elsewhere. If not, capitalism as we know it will cease to exist – and the free market will have killed it.
Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.