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Any experienced investor knows that these are not normal times. But they could become truly historic times, if the United States is able to pass universal health care legislation in the the weeks ahead. Sen. Majority Leader Harry Reid, D-Nevada, has crafted a health care bill that would cut the U.S. budget deficit by about $130 billion over 10 years, while extending coverage to up to 94% of Americans, The Associated Press reported Thursday. The bill's estimate cost is $848 billion.
Equally significant, Reid is apparently very close to forging the 'Sweet 60' coalition needed to guarantee the bill is debated in the Senate. Sixty votes are needed because that's the number needed to invoke cloture, to shut-off a filibuster, which is what the Republican Party is expected to do to any health care reform bill that has fewer than 60 votes.
If passed, the Senate bill would then have to be reconciled with the passed U.S. House health care reform bill, via a House/Senate conference committee.
Fiscal/ Economic Analysis: Talk about momentous times. If universal health care passes – 100 years after Teddy Roosevelt (that's right: Teddy, not Franklin D. Roosevelt) first proposed a national health insurance plan, in national public policy achievements it would have rank up there with the establishment of Social Security in 1935 and Medicare in 1965. Quite simply, many of you, particularly those over age 40, may not see as significant a public policy achievement in the United States in your lifetime.
Concerning Senate debate, the key from here will be whether Sen. Reid and other Senate Democratic leaders can keep several moderate Democrats, including Sen. Mary Landrieu of Louisiana, Sen. Ben Nelson of Nebraska, and Sen. Blanche Lincoln of Arkansas, on board and supporting the program after debate begins. The view from here argues they will remain on board, in exchange for some as-yet undetermined concessions, health care-related or otherwise.
Financial Editor Joseph Lazzaro is writing a book on the U.S. presidency and the U.S. economy.
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Reader Comments (Page 1 of 1)
11-19-2009 @ 6:13PM
Al coholic said...
The health care system as it currently exists is unsustainable so it seems inevitable that the government will have to create yet another money pit for taxpayers.
The comment about savings from this program are about as likely as the proclamation years ago that electricity from nuclear power would be too cheap to meter.
11-19-2009 @ 9:10PM
Peter Van Schaik said...
Of course, the taxpayers are currently footing the bill for the "...health care system..." which "... as it currently exists is unsustainable..." Under the current system they may be called consumers but they are pretty much the same group of people because, in the real world, there is no one else available to pay the bills. The whole idea of treating producers, consumers, and taxpayers as if they are three distinctly different groups of people is just silly. All producers are consumers. Almost all consumers produce at least a token amount of goods and/or services valued by at least some of the general population. And very few producers/consumers manage to avoid all taxes. http://jpetervanschaik.googlepages.com
11-20-2009 @ 9:38PM
Mike Ballard said...
The House passed the worst legislation in the history of this country. Sure I am not a fan of insurance companies, but the small 4% profit margin is insignificant to the incompetency of the federal government. In fact, the buggling of Medicare which is now estimated to be $74 Trillion unfunded is one main driver of why medical is going through the roof in although not perfect, but at least solvent private medical sector. Patterning a program off of Medicare is not only a bad idea, it is completely Irresponsible. Yes there are anectodal cases out there, however, on the otherside, please consider the millions that come from Canada, Europe, and all other parts of the globe that come to this country for medical treatment that is simple not available in their socialist, free medical societies.
We need reform, but reform that increase costs, reduces availability, reduces quality, IS NOT REFORM THAT WE NEED!!!!!!
Reform that we do need must include the following:
- Torte Reform
- Putting consumers in control, not governments or insurance companies, or lawyers.
- Eliminating Rediculuous mandates and regulations on providers and insurance companies.
- Providing Insurance portability,
- Eliminate the AMA Uninion, by enhancing free market competion,
- Eliminate free health care to illegal aliens. I don't get free health care, why should non-citizens. The governmnet includes these numbers in their bullypulpit of 46.7 million uninsured American, even though from the source roughly 10 million are not even citizens.
End the lies, write your politician and ask for real reform.
Mike Ballard
A very concerned citizen