Obama concedes his is a health-care rationing plan.
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Still more damaging is that investors will flee health care, taking with them the capital that is needed for new, expanded, updated, modernized, and maintained hospitals and clinics. Gone will be the capital for buying new, modern, advanced, high technology, as the government cannot be expected to pay adequately for such technology, and even wants to discourage it. And who will pay for the research and development of new medical advances and technology, for the new miracle drugs, for the new biotech and genetic breakthroughs that our modern science makes possible? With the government as the new monopoly buyer of all health care, investors will turn to other industries.
Then there is the huge, added cost burden for the government of taking on a new, massive health-care entitlement for everyone, even when we cannot hope to pay for all the current entitlement promises. That will involve huge increases in taxes, deficits and government borrowing, which will introduce enormous new inefficiencies.
All of this means a deep decline in America’s standard of living. Today we enjoy the freest, most advanced health care in the world. All that freedom and rapid innovation does involve some waste and inefficiency. That can be addressed by market reforms to improve incentives. But some waste and inefficiency is well worth the health-care freedom and quality we have today, and will enjoy all the more with advancing science over time. Moreover, government is not the place to turn for reducing waste and inefficiency. Obama’s government takeover of health care will make everything worse, and ultimately trash our entire health-care sector.