Is Medicare ‘Too Big to Fail’?
Submitted by tdoheny on Wed, 12/16/2009 - 20:46During the financial disaster on Wall Street a year ago, politicians, economists, and pundits became obsessed with the term “moral hazard,” which occurs when a person, corporation, or other entity makes riskier choices because the consequences have been artificially manipulated. The Wall Street bailout created a moral hazard because it shielded financial institutions from the consequences of their actions. If a corporation knows it would be rescued by the government after making bad decisions, it has fewer incentives to change behavior or learn from mistakes.
The government takeover of the health care industry will institutionalize moral hazards as “too big to fail” could become a registered trademark. Before government mandates that its citizens buy insurance and expands coverage to millions, we should consider the current outlook of health care spending for the American taxpayer.
Good Intentions with Disastrous Effects
Submitted by tdoheny on Mon, 10/26/2009 - 05:00Last night on CBS’s 60 Minutes, Steve Kroft investigated the $60 Billion (yes that’s billion) in Medicare fraud that takes place every year in this country. This black market is so pervasive that it has taken over cocaine as the major criminal enterprise in south Florida – think “Scarface,” but operating in your local pharmacy. The schemes are quite simple according to the FBI: rent a cheap storefront office, find or create a front man to get an occupational license, bribe a doctor or forge a prescription pad, and obtain the names and ID numbers of legitimate Medicare patients so you can bill phony charges. After submitting the form, criminals receive the Medicare reimbursements directly into their bank accounts from Uncle Sam. With such substantial fraud, you would think there would be millions of outraged victims – the problem is that the victim is the American taxpayer, who has until now known little of this underground enterprise.
Even the Associated Press Does Believes the President Did not Tell the Truth
Submitted by Dr. Eric Novack on Thu, 09/10/2009 - 16:32President Barack Obama used only-in-Washington accounting Wednesday when he promised to overhaul the nation's health care system without adding "one dime" to the deficit. By conventional arithmetic, Democratic plans would drive up the deficit by billions of dollars.
The president's speech to Congress contained a variety of oversimplifications and omissions in laying out what he wants to do about health insurance. Bad news when the AP has turned against the President.
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