George Newman has a good review of the often inconsistent arguments being put forward in favor of health care “reform.”
I was glad to see him address the “health care represents a rising proportion of our income” issue.
That’s not only true but perfectly natural. Quality health care is a discretionary, income-elastic expense — i.e. the richer a society, the larger proportion of income that is spent on it. (Poor societies have to spend income gains on food and other necessities.) Consider the alternatives. Would we feel better about ourselves if we skimped on our family’s health care and spend the money on liquor, gambling, night clubs or a third television set?
When discussing this issue, I regularly ask people if they would rather have today’s healthcare at today’s prices or 1950’s healthcare at 1950’s prices. No one has ever chosen the 1950s option. (People would prefer to have today’s healthcare at 1950’s prices, and I too wish that Santa Claus was real.)
(HT Andrew B.)