A new paper, “Bad Medicine,” by Mike Tanner of the Cato Institute, summarizes the impact of the new health care law. According to Tanner, the law fails on all three of its goals – “(1) provide health insurance coverage to all Americans, (2) reduce insurance costs for individuals, businesses, and government, and (3) increase the quality of health care and the value for each dollar of health care spending.”
Tanner estimates that the law will cost three times more than what the Democrats who passed it claim. And it still will leave 21 million uninsured.
New coverage is achieved mainly through expanding existing government programs – Medicaid and SCHIP – that we already can’t pay for. So we’ll have bureaucrats cutting fees paid for benefits that we are simultaneously expanding. The result, as we see in Medicaid today, will be those supposedly with health care coverage that can’t find a doctor, and when they do get care, it will be substandard.
What those with low incomes need are jobs. And there will be fewer as result of increased costs on business and investment. Tanner estimates this law will increase taxes $669 billion through 2019.
The Reid Pelosi plan that we’re now stuck with builds on what has already failed. More government, more spending, and less freedom. Unleashing entrepreneurs like Bezos and Dell is what we need to address health care.
In latest polling from Pew Research, 47% disapprove of the new health care law, 35% approve, 37% say it should be repealed and only 7% say it should be left as it is.