Step 1: Repeal Obamacare. Then What?
Over 21 laws passed in the past century have entrenched inefficient healthcare.
As a previous article explores, the cause of rising healthcare costs in the U.S. is primarily the result of government subsidies for health insurance, which grew rapidly after WWII. The proliferation of health insurance has contributed to moral hazard and the substantial growth in bureaucratic costs associated with insurance. This phenomenon of reduced efficiency is partially the byproduct of having three different parties select, use, and pay for healthcare. The reign of health insurance behemoths and corporate health overlords is coming to an end.
Over-regulation of health markets has raised compliance costs and cut down on competition, which is a fundamental ingredient for reasonable pricing. The invisible hand of the free market malfunctions in the presence of significant interference from insurance providers and regulators — this shortfall is seen in high prices as well as excessive wait times for diagnosis and treatment. Long wait times are a symptom of socialist policies causing demand to exceed supply due to artificially fixed prices. We would see similar implosions for any type of markets regulated by overly complex laws.
