The 70's revisited - oh the joy

From the NY Times:

"President Obama will propose on Monday giving the federal government new to power block excessive rate increases by health insurance companies, as he rolls out
comprehensive legislation to revamp the nation's health care system, White House
officials said Sunday."
From Don Boundreaux's thoughts on that awesome idea.

"How fun! Those of us who remember the 1970s recall the frolics sparked by
America's last great experiment with widespread price caps - namely, those on
oil and natural gas. The resulting short supplies gave us the thrill of waiting
in long lines - and sometimes even getting into fistfights - for the privilege
of buying a few gallons of gasoline. People literally chilled out in their homes
for want of heat. The Nixon administration imposed a national speed limit of 55
MPH. These and other consequences certainly made for a memorable decade."

"What cool adventures await us if Mr. Obama succeeds in giving Uncle Same
power to control insurance rates? Reduced coverage? Hidden fees aimed at
skirting government regulations? Surly service? More trouble and delays
collecting on our policies?"

"Or, as my friend Nick Calapa suspects, private health insurers driven out
of the market?"

"Whatever the details, it'll be a premium experience!"


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