Did you ever try one of those all you can eat buffets? There appears an endless choice of food, you may have to peel your own shrimp (yeah, that’s not happening), you probably will binge on all the cheap stuff and fill up on pasta, but what the heck, it’s practically free. The reality is that you very likely cannot eat your money worth, the food is mediocre at best, it looks a mess, it is lukewarm and you have to stand in line. No matter, it’s a good deal, there is something for everyone and if you survey the diners leaving the restaurant they will tell you, it was great, “I can’t believe they can do that for only $19.95.” The key is what is “that.” They fooled you into believing you are getting something for nothing, that you are getting value for your money even quality.
The Obama administration is in warp speed to get out all the good stuff in health care reform, the stuff that the masses will see as good, all you can eat so to speak. The new consumer website will be up July 1 (on time no less), regulations on the retiree reinsurance program are out, as are rules for taxing health coverage for adult children now eligible under a parents health insurance. Seniors will see their $250 as soon as they enter the “donut hole.” We did not see regulations or implementation this fast under ERISA or any other new law, but this is a deal, an endless buffet that contains some treat that will please every American taste.
As with most buffets, each individual item appears a good deal but taken in total it rarely delivers value, so it is with health care reform. The Administration is superb at finding something for everyone to like, even employers and insurance companies. However, in the final analysis, are we getting our money worth? We have not addressed the fundamental problems of health care quality, delivery or cost. We have created a huge new entitlement that will be ingrained in the American psyche by year-end and we have added one more item to the buffet of national debt.
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