Fifty years ago today, President Lyndon Johnson gave a speech at the University of Michigan in which he first proposed what he called the “Great Society.” So what of the Great Society on its 50th birthday? Sadly, there’s little to celebrate.
If you centralized pencil making on Capitol Hill, pencils would be of one-tenth the quality at ten times the price – and the only way people would buy them is if the government used its police powers to force them to.
If we bought groceries in America the way we buy health care, the cost for food would explode and most of our political debate would be centered on finding some policy to deal with high food prices.
Assuming that the purpose of a health care industry is to prolong and improve human life, legislating away money as the economic mechanism for clearing the market and substituting in its place time is the worst possible allocation of resources.
On Monday, the 2012 Trustees Report on Medicare was released and the news isn’t as bad as you might think. It’s worse.
With the best of intentions, the government has become the driving economic force in both higher education and in health care. In both cases, costs are out of control.
Last week, the Medicare Payment Advisory Commission, MPAC, yet another government panel that you probably didn’t know existed, voted to impose massive payment reductions upon doctors who see patients under Medicare.
If the government stopped wasting money tomorrow, the country would still go broke. Such is the magnitude of the entitlement state.
House Budget Committee chairman Paul Ryan went to a Washington, D.C. tattoo parlor and had a giant target tattooed on his forehead. Or so it is going to seem in the coming weeks.