By a vote of 220-215, US House of Representatives approved a 10-year, $1.055 trillion bill that aims to put in place health-care coverage in the United States, would require individuals to buy and most businesses to offer coverage, and expand Medicaid. (Read a copy of the bill here, or read various explanations here.)
Short Version: Health-care stocks rose strongly Monday, which is all you need to know about the health-care reform legislation.
Cliff Note: The insurance companies drive up the cost of health care. They avoid paying bills so effectively that hospitals and doctors have to hire their own bureaucracy to fight them. Since 1970, the number of physicians has increased by less than 200% while the number of administrators has increased by 3000%… 31 cents of every health care dollar goes to administrative costs, not toward providing care. H.R. 3962 would require 21 million Americans to buy private health insurance from the very industry that has caused the problem. It will give the insurers at least $70 billion in new annual revenue, from the taxpayers either directly or indirectly. This has nothing to do with health and much to do with insurance company profits.
“30 to 50 per cent of total lifetime health care expenditures occur in the last six months of life.” (Source) Requiring everyone to pay for mandatory healthcare insurance transfers resources from the young to the old, it is a generational tax on the young for the benefit of the old.
How much money were our representatives in Washingto paid to pass this bill? Go here to get a complete detailed list of Health Care Industry Lobbyist dollars given to our representatives. Bonus Question: Who received more Health Care lobbyist donations than any one else? Mr. Barrack Obama. Surprised? Check it out . . .