The current for profit health insurance industry is a drain on the economy which is contributing to unemployment, and the nation can longer afford to tolerate this. The current for profit health insurance industry is constraining the economy in three ways.
First, excessive premiums make the cost of doing business for American companies unreasonably high which creates a competitive disadvantage in a global economy. This is suppressing business expansion and hiring.
Second the cost of monthly premiums is a burden on families which is suppressing consumer spending, and consumer spending accounts for two thirds of economic activity in the country
Third, the cost of health insurance is a major impediment to entrepreneurs wishing to start small businesses and develop innovative products and services. And as we know small businesses create the majority of jobs
A voluntary pubic health insurance option, such as Medicare for all, will serve as an unparralled economic stimulus which: will result in more hiring as businesses reduce costs , will fuel increased consumer spending as families will have more disposable income, andit will unleash a wave of creative business development and innovation as entrepreneurs will be provided with affordable and secure health insurance.
A voluntary public health insurance option will also stimulate innovation in the for private health insurance industry, as it will be forced to be more competitive, just like UPS competes with the Postal Service.
Predictably health insurance companies will fund a propaganda campaign convincing Americans that this is socialism and there will be death panels. It is particularly sinister that the health insurance industry uses premiums from consumers and businesses to lobby and promote policies which are harmful to consumers and businesses.
Currently the for profit health insurance industry, is holding the economy hostage. It is time large employers such as GM and Wal Mart come together along with unions and demand a public health insurance option which will benefit businesses and consumers. After all, competition is the heart and sole of free enterprise and a market based economy. It is time for Mr. Obama to grow some balls and take up the mantle.