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  • Author: Michael Tanner
  • Publication Date: 06-2009
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: When Massachusetts passed its pioneering health care reforms in 2006, critics warned that they would result in a slow but steady spiral downward toward a government-run health care system. Three years later, those predictions appear to be coming true: Although the state has reduced the number of residents without health insurance, 200,000people remain uninsured. Moreover, the increase in the number of insured is primarily due to the state's generous subsidies, not the celebrated individual mandate. Health care costs continue to rise much faster than the national average. Since 2006, total state health care spending has increased by28 percent. Insurance premiums have increased by 8–10 percent per year, nearly double the national average. New regulations and bureaucracy are limiting consumer choice and adding to healthcare costs. Program costs have skyrocketed. Despite tax increases, the program faces huge deficits. The state is considering caps on insurance premiums, cuts in reimbursements to providers, and even the possibility of a “global budget” on health care spending—with its attendant rationing. A shortage of providers, combined with increased demand, is increasing waiting times to see a physician. With the “Massachusetts model” frequently cited as a blueprint for health care reform, it is important to recognize that giving the government greater control over our health care system will have grave consequences for taxpayers, providers, and health care consumers. That is the lesson of the Massachusetts model.
  • Topic: Health, Human Welfare, Markets, Governance
  • Political Geography: United States
  • Author: Randal O'Toole
  • Publication Date: 09-2009
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: The administration has likened President Obama's high-speed rail plan to President Eisenhower's Interstate Highway System. Yet there are crucial differences between interstate highways and high-speed rail. First, before Congress approved the Interstate Highway System, it had a good idea how much it would cost. In contrast, Congress approved $8 billion for high-speed rail without knowing the total cost, which is likely to be at least $90 billion.
  • Topic: Energy Policy, Government, Infrastructure
  • Political Geography: United States
  • Author: Michael F. Cannon
  • Publication Date: 09-2009
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: The most hazardous health reform measure before Congress is not the so-called "public option," but proposals to make health insurance compulsory via an individual or employer mandate. Compulsory health insurance could require nearly 100 million Americans to switch to a more expensive health plan and would therefore violate President Barack Obama's pledge to let people keep their current health insurance. In particular, the legislation before Congress could eliminate many or all health savings account plans. Making health insurance compulsory would also spark an unnecessary fight over abortion and would enable government to ration care to those with private health insurance.
  • Topic: Government, Health, Markets
  • Political Geography: United States, America
  • Author: Randal O'Toole
  • Publication Date: 12-2009
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: Sometime in 2010 or 2011, Congress expects to decide how to spend the $250 billion or more of federal gas taxes and other highway user fees that will be collected over the next six years. The process of doing so is called surface transportation reauthorization. A major point of contention in this law is how much of our transportation system should be centrally planned and how much should be built and operated in response to the needs of actual transportation users.
  • Topic: Economics, Infrastructure
  • Political Geography: United States
  • Author: Lawrence H. White
  • Publication Date: 02-2008
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: Critics have raised a number of theoretical and historical objections to the gold standard. Some have called the gold standard a “crazy” idea. The gold standard is not a flawless monetary system. Neither is the fiat money alternative. In light of historical evidence about the comparative magnitude of these flaws, however, the gold standard is a policy option that deserves serious consideration.
  • Topic: Economics, Government
  • Political Geography: United States
  • Author: Glen Whitman
  • Publication Date: 02-2008
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: The World Health Report 2000, prepared by the World Health Organization, presented performance rankings of 191 nations' health care systems. These rankings have been widely cited in public debates about health care, particularly by those interested in reforming the U.S. health care system to resemble more closely those of other countries. Michael Moore, for instance, famously stated in his film SiCKO that the United States placed only 37th in the WHO report. CNN.com, in verifying Moore's claim, noted that France and Canada both placed in the top 10.
  • Topic: Health, Human Welfare, Humanitarian Aid, International Organization
  • Political Geography: United States
  • Author: Michael Tanner
  • Publication Date: 07-2008
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: Healthcare reform will be one of the top issues of the 2008 presidential election. In the face of widespread public demand for changes in the U.S. health care system, both Barack Obama and John McCain have offered detailed proposals for reform.
  • Topic: Government, Health, Politics
  • Political Geography: United States
  • Author: Johan Norberg
  • Publication Date: 05-2008
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: Naomi Klein's The Shock Doctrine ;purports to be an exposé of the ruthless nature of free-market capitalism and its chief recent exponent, Milton Friedman. Klein argues that capitalism goes hand in hand with dictatorship and brutality and that dictators and other unscrupulous political figures take advantage of "shocks"-catastrophes real or manufactured-to consolidate their power and implement unpopular market reforms. Klein cites Chile under General Augusto Pinochet, Britain under Margaret Thatcher, China during the Tiananmen Square crisis, and the ongoing war in Iraq as examples of this process.
  • Topic: Democratization, Economics, Markets
  • Political Geography: China, Chile
  • Author: Gerald P. O'Driscoll Jr.
  • Publication Date: 05-2008
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: In the past, the federal government has introduced moral hazard in the banking system through deposit insurance. Banks underpriced risk because of the federal guarantee that backed deposits. After banking crises in the 1980s and 1990s, deposit insurance was put on a sound basis and that source of moral hazard was mitigated. In its place, monetary policy has become a source of moral hazard. In acting to counter the economic effects of declining asset prices, the Federal Reserve has come to be viewed as underwriting risky investments. Policy pronouncements by senior Fed officials have reinforced that perception. These actions and pronouncements are mutually reinforcing and destructive to the operation of financial markets. The current financial crisis began in the subprime housing market and then spread throughout credit markets. The new Fed policy fueled the housing boom. Refusing to accept responsibility for the housing bubble, the Fed's recent actions will likely fuel a new asset bubble. The cumulative effects of recent monetary policy undermine the case for free markets.
  • Topic: Economics, Government, Markets
  • Political Geography: United States
  • Author: T.J. Rodgers
  • Publication Date: 08-2008
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: Since the passage of the Sarbanes-Oxley Act in 2002, the Financial Accounting Standards Board has passed rules that it promises will make corporate accounting more transparent. In fact, its revised Generally Accepted Accounting Principles have made it difficult for investors — or even CEOs — to understand a company's financial report.
  • Topic: Economics, Government, Markets
  • Political Geography: United States