John H. Cochrane on How America Should Have, and Still Could, Reform Health Care (+video)
Photo Credit: University of Chicago
I had never heard of John H. Cochrane before I read this piece this morning in the Wall Street Journal. That was my loss. He is a professor of finance at the University of Chicago Booth School of Business and a senior fellow of the Hoover Institution, and he has a clear sense that even most Republicans miss about what was really wrong with health care pre-ObamaCare, and why ObamaCare was not the right solution at all.
Better, Cochrane has a game plan for what to do once ObamaCare has collapsed:
Only deregulation can unleash competition. And only disruptive competition, where new businesses drive out old ones, will bring efficiency, lower costs and innovation.
Health insurance should be individual, portable across jobs, states and providers; lifelong and guaranteed-renewable, meaning you have the right to continue with no unexpected increase in premiums if you get sick. Insurance should protect wealth against large, unforeseen, necessary expenses, rather than be a wildly inefficient payment plan for routine expenses.
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