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The Water Cooler
11/23/2009 09:15:12 AM by | 
FRIEDMAN-STYLE HEALTHCARE REFORM SOMETHING TO CONSIDER
by Dave Hutchison
The old saying, "What's past is prologue" proves its truth once again if you consider the earlier writings of economist Milton Friedman and today's healthcare dilemma.
The guy famous for telling us there's no such thing as a free lunch wrote nearly a decade ago: "Third-party payment has required the bureaucratization of medical care," with patients caring little about the cost since it's somebody else's money and caregivers effectively become employees of insurance companies or government.
Friedman believed that individuals should purchase insurance coverage directly from insurance companies rather than through their employer. Individuals would naturally spend their own money wisely and adjust their healthcare and health insurance spending levels to the actual costs of the services provided. By changing our current tax law to give individuals the same tax incentives that corporations receive for purchasing health insurance, we could begin to reduce the cost of healthcare.
Those are words to consider in the current debate.
Friedman, who died a year ago, was humble and brilliant—and a hero to me. I can only imagine what he'd have to say about the 2009 bailouts.
I recommend reading him—"Capitalism & Freedom," "Free to Choose," "Money Mischief" and other books. You don't need a business degree to understand what he has to say, and you'll likely gain some refreshing insights.
