Richard Epstein Fears The Health Care Bill

by Pejman Yousefzadeh on March 27, 2010

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And when one is finished reading his article, one does not feel warm and fuzzy about the newly enacted legislation. An excerpt:

On Sunday, the House of Representatives passed a major new health-care initiative that has been hailed by the president and its many other supporters as an achievement that is parallel in magnitude and importance to Social Security in 1935 and Medicare in 1965. In one sense this comparison is all too apt. Both Social Security and Medicare have been deeply flawed from the outset, and their position grows more perilous with each passing day. Both systems have relied on the optimistic view that the growth in the underlying economy could fund their lavish provisions. Both have been constantly forced to increase their taxation base to make good on the ever-expanding set of benefits that Congress introduces on a piecemeal basis.

One would have thought that the serious risk of social collapse in these programs would have led lawmakers to think hard about patching up the systems already in place before embarking on the bold enterprise to take on yet another program whose reach is equal to, or greater than, those that are already in place. But no, that did not come to pass. Idealism beat realism. The realists will, however, have the last laugh once the administration seeks to implement its proposals.

Read it all. It should be stressed that these arguments against health care reform legislation have been around for quite a while. The Obama Administration cannot say that it has not been warned.

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