Too much government focus on the affordability and demand/user side of medical care and too little focus on the cost and supply/medical providers side of medical care. Medical care is non-competitive, has below US average, productivity growth and limited entry of new medical providers, which has led to higher medical price increases than wage growth and inflation since before WWII. The Association of American Medical Colleges and the American Medical Association limit the number of US medical training facilities, medical schools and hospital residency slots. Current medical licensing requirement of 4 years of college, 4 years of medical school, and several years of hospital residency could be reduced, but prior approval is needed. Numerous states limited the opening of new hospitals unless the new entrant can show an unmet need, which does not include consideration of competitive/lower pricing. A greater supply of medical providers in a competitive environment would lower prices and improve quality better and faster than any government program.
Correcting misconceptions about markets, economics, asset prices, derivatives, equities, debt and finance
Monday, March 28, 2022
My Comment To WSJ Opinion, "Prepare Now to Repeal ObamaCare Later"
Posted By Milton Recht
My published comment to The Wall Street Journal, Opinion, "Prepare Now to Repeal ObamaCare Later: Republicans need to show voters they have a viable alternative" by Bobby Jindal, March 27, 2022:
Thursday, March 24, 2022
Myths About US Welfare And Reasonable Solutions To US Healthcare Costs: Informative And Interesting 23 Minute Podcast
Posted By Milton Recht
From City Journal, 10 Blocks Podcast, "Puncturing Myths about the U.S. Welfare State" by Chris Pope and Brian C Anderson, March 23, 2022:
Wednesday, March 23, 2022
US Gasoline Prices Adjusted For Inflation And Fuel Economy, 1976 - March 2022
Posted By Milton Recht
From The Wall Street Journal, Economy, "Gas Prices Shoot Up at Fastest Rate on Record: Prices for gasoline have soared across the U.S., but filling up isn’t so pricey historically after taking inflation and fuel-economy improvements into account" by Kara Dapena:
These elevated gas prices sting a little less than they did in the early ’80s, when inflation-adjusted prices were similar, because vehicles have become more fuel efficient. In 1980, new passenger vehicles got an average estimated 19 miles to the gallon, according to the Environmental Protection Agency. New vehicles today get about 25 miles to the gallon.
So, while gas prices in 1980 and in March of this year are similar after adjusting for inflation, drivers need 25% less gas to travel the same distance today as was needed then.
Source: The Wall Street Journal |
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