5:30 – 6:30 – Topic: Our Dysfunctional Financial and Health Care Systems.

5:30 – 6:30 – Topic: Our Dysfunctional Financial and Health Care Systems. Panelists: Marc Sussman and Paul Krugman

Marc

Bankruptcy law was engineered by the credit card companies. That says it all. People getting hurt are those with no access to resources. Inner city has payday loans, etc. Seed money for businesses is missing.

Do you know what your rights are? Do you know what your power is as an owner of stock and/or mutual funds? You can vote. The SEC is proposing to limit the rights of shareholders to bring actions against the boards of directors of companies. SEC favors owners, not shareholders. Socially responsible funds advocate for you, so that’s available.

We have an education system of a third world country. Only a third of American students will go to college. Easing regulations for companies plus tightening of credit for student loans. What are our priorities?

No affordable housing in NYC. Places to live are owned by corporations, foreigners. A perfect storm is brewing.

Paul

Economics of health care are simple. It’s the politics that are hard. If you ask “should everyone have health insurance? That’s easy. It’s in the details.

What value are insurance companies adding? Nothing. They make money by collecting premiums and not paying for health care. The business model is decide who needs treatment and deny them.

“They” say Americans wouldn’t accept a single payer system – but they ignore Medicare. Already the public health care systems pay more than the private systems. 45% of costs are paid by gov’t, 35% by private companies.

Insurance companies spend a lot of money NOT paying for services. Medicare is the most efficient – 2 3% overhead. For-profit – 14% overhead. Even as much as 25%.
Insurance Co and big Pharma influence the politics of it.

They foster fear – fear of the unknown. Gov’t insurance won’t be as good as private. Fear mongering is VERY effective.

French care is the best in the world. Canadian is good too. British is actually socialized medicine. There are waits for elective surgery. System is run by doctors and they prioritize. So when politicians say here’s a lot of money, cut the wait, the drs say “let’s use it to pay for other things”.

We have single payer – Medicare –
Socialized medicine – VA system.

So why not just run on Medicare for all? Answer: fear. It will take a long time to build consensus on this. It needs to be transitional. Subsidies to poor people. All insurance companies MUST offer insurance to everyone who wants it. Must avoid free-riding. (Make it mandatory). If it’s optional, young, healthy people want to stay out of the system – until they need it.
Insurance companies will not be fooled. This will eventually put them out of business.
Dems – John Edwards brought it into the political domain a realistic plan, one that might actually happen. Clinton eventually adopted Edwards’ plan. Obama’s plan is “punted” on one piece – it’s not mandatory. Why? Political fear. Then he ran “Harry and Louise”-like commercials against Hillary, and Krugman thinks an Obama presidency will not foster single-payer.
Every other advanced country manages to pay for universal health care at less cost and just as high-quality health care.

Questions – we have long waits for health care now – one person here had to wait 6 months for surgery. Canada – hip replacement does take longer. Here, who pays for hip replacement – Medicare!

Woman dr here moved from US to Canada so has a great perspective. Waits are a myth in Canada. You DO get to pick your own doctor.