An editorial from The Washington Post: In search of Plan C ("I don't believe in insuring more people till you attack the cost aspect of this.")
I heard the noted conversation this past week, and for those of you who may not know, like yours truly, the Oracle of Omaha is now and always have been a big supporter of President Obama.
The following is from an editorial in The Washington Post:
The dilemma posed by President Obama's health-care proposal was aptly captured by Berkshire Hathaway chief executive Warren Buffett last week during an interview on CNBC. The status quo is unacceptable, the noted investor said; the proposal is deficient. "If it was a choice today between Plan A, which is what we've got, or Plan B, what is in front of -- the Senate bill, I would vote for the Senate bill," Mr. Buffett said. "But I would much rather see a Plan C that really attacks costs."
The United States is in trouble: Its federal debt, slated to grow year by year, could sap economic growth, endangering prosperity at home and leadership abroad. Rising health costs are one of two major causes of that projected debt (the other is the aging of the population). A year ago, Mr. Obama promised health-care reform that would expand access for the uninsured while reducing costs and not worsening the federal deficit.
He says he's delivered. But the proposal that he's asked Congress to approve raises serious questions. Why? One big reason is his decision to postpone until after his presidency, even if he serves two terms, the implementation of a "Cadillac tax" on expensive health plans -- "a key bipartisan measure to contain health-care costs over time," as two senior administration officials wrote in a Post opinion piece on Friday. That postponement, budget director Peter Orszag and health policy adviser Nancy-Ann DeParle acknowledged, has been taken by "skeptics" as "further evidence of the administration's wavering fiscal resolve."
Count us among the worriers.
Mr. Obama's unwillingness to fight for the tax now, even at a reduced level, raises the danger that it will never be imposed. By 2018, an expensive new entitlement will be draining funds from the Treasury; there will be no turning back on that.
"We have to have something that will end the constant increase in medical costs as a percentage of GDP," Mr. Buffett said. "I would try to get a unified effort, say this is a national emergency to do something about this. We need the Republicans, we need the Democrats . . . I believe in insuring more people. But I don't believe in insuring more people till you attack the cost aspect of this."
As Mr. Obama scrambles to assemble majorities in the House and Senate, some legislators continue to explore options for more fiscal soundness, including some kind of fail-safe mechanism that would push Congress to act if projected savings do not materialize. Those who care about both access and fiscal responsibility could even now insist on a Plan C.
The following is from an editorial in The Washington Post:
The dilemma posed by President Obama's health-care proposal was aptly captured by Berkshire Hathaway chief executive Warren Buffett last week during an interview on CNBC. The status quo is unacceptable, the noted investor said; the proposal is deficient. "If it was a choice today between Plan A, which is what we've got, or Plan B, what is in front of -- the Senate bill, I would vote for the Senate bill," Mr. Buffett said. "But I would much rather see a Plan C that really attacks costs."
The United States is in trouble: Its federal debt, slated to grow year by year, could sap economic growth, endangering prosperity at home and leadership abroad. Rising health costs are one of two major causes of that projected debt (the other is the aging of the population). A year ago, Mr. Obama promised health-care reform that would expand access for the uninsured while reducing costs and not worsening the federal deficit.
He says he's delivered. But the proposal that he's asked Congress to approve raises serious questions. Why? One big reason is his decision to postpone until after his presidency, even if he serves two terms, the implementation of a "Cadillac tax" on expensive health plans -- "a key bipartisan measure to contain health-care costs over time," as two senior administration officials wrote in a Post opinion piece on Friday. That postponement, budget director Peter Orszag and health policy adviser Nancy-Ann DeParle acknowledged, has been taken by "skeptics" as "further evidence of the administration's wavering fiscal resolve."
Count us among the worriers.
Mr. Obama's unwillingness to fight for the tax now, even at a reduced level, raises the danger that it will never be imposed. By 2018, an expensive new entitlement will be draining funds from the Treasury; there will be no turning back on that.
"We have to have something that will end the constant increase in medical costs as a percentage of GDP," Mr. Buffett said. "I would try to get a unified effort, say this is a national emergency to do something about this. We need the Republicans, we need the Democrats . . . I believe in insuring more people. But I don't believe in insuring more people till you attack the cost aspect of this."
As Mr. Obama scrambles to assemble majorities in the House and Senate, some legislators continue to explore options for more fiscal soundness, including some kind of fail-safe mechanism that would push Congress to act if projected savings do not materialize. Those who care about both access and fiscal responsibility could even now insist on a Plan C.
posted by Sid Cottingham | 9:42 AM
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