Edwird
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Joined: 5/2/2016
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quote:
ORIGINAL: bounty44
The U.S. “health care cost crisis” didn’t start until 1965.
•In 1910, the physician oligopoly was started during the Republican administration of William Taft after the American Medical Association lobbied the states to strengthen the regulation of medical licensure and allow their state AMA offices to oversee the closure or merger of nearly half of medical schools and also the reduction of class sizes. The states have been subsidizing the education of the number of doctors recommended by the AMA.
•In 1925, prescription drug monopolies begun after the federal government led by Republican President Calvin Coolidge started allowing the patenting of drugs. (Drug monopolies have also been promoted by government research and development subsidies targeted to favored pharmaceutical companies.)
•In 1945, buyer monopolization begun after the McCarran-Ferguson Act led by the Roosevelt Administration exempted the business of medical insurance from most federal regulation, including antitrust laws. (States have also more recently contributed to the monopolization by requiring health care plans to meet standards for coverage.)
•In 1946, institutional provider monopolization begun after favored hospitals received federal subsidies (matching grants and loans) provided under the Hospital Survey and Construction Act passed during the Truman Administration. (States have also been exempting non-profit hospitals from antitrust laws.)
•In 1951, employers started to become the dominant third-party insurance buyer during the Truman Administration after the Internal Revenue Service declared group premiums tax-deductible.
Okay, so, The health cost monster started in 1965, except that it started in 1910 and 1925 and 1945 and 1946 and 1951.
Carry on.
•In 1965, nationalization was started with a government buyer monopoly after the Johnson Administration led passage of Medicare and Medicaid which provided health insurance for the elderly and poor, respectively.
•In 1974, buyer monopolization was strengthened during the Nixon Administration after the Employee Retirement Income Security Act exempted employee health benefit plans offered by large employers (e.g., HMOs) from state regulations and lawsuits (e.g., brought by people denied coverage).
Ahh, sorry to break this to you, but buyer-side economic power is referred to as monopsony power, the counterpart to supplier-side monopoly power. Look up Walmart vs. cratered factories in China and India..
quote:
•In 1984, prescription drug monopolies were strengthened during the Reagan Administration after the Drug Price Competition and Patent Term Restoration Act permitted the extension of patents beyond 20 years. (The government has also allowed pharmaceuticals companies to bribe physicians to prescribe more expensive drugs.)
•In 2003, prescription drug monopolies were strengthened during the Bush Administration after the Medicare Prescription Drug, Improvement, and Modernization Act provided subsidies to the elderly for drugs.
In any case, thanks for pointing out how Republicans have benefited society by way of funneling more worker dollars to their masters, as has always been the party platform, and, per Mr. Friedman himself, as anti-freemarket as it gets. No one in the Republican party gets voted in for making a it fair playing field, i.e., a bonafide "free market." That would be counter to the purpose. And thanks for being such a hero and voting to that cause.
quote:
https://mises.org/blog/how-government-regulations-made-healthcare-so-expensive
I'll throw a C-note to you or anyone else in the US who reads that site and adheres to its notions and can actually pronounce von Mises correctly.
< Message edited by Edwird -- 8/25/2017 6:08:10 PM >
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