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The Basic Economics of National Health Insurance - Professor Richard D Wolff

PUBLISHED ON OCTOBER 16, 2011

The US now has one of the most expensive health care and insurance systems in the world, while its health "outcomes" - how healthy we are, how long we live, etc. - are mediocre. The reason is the absurd expenses of our peculiar health insurance and care systems because they are organized as private businesses (unlike most other advanced industrial countries in the world). If we had the government buy drugs at huge quantity discounts and pass the savings onto citizens, costs of medicines and medical equipment would drop the far lower levels in other advanced countries; if we rationalized duplication of hospitals, clinics, etc more savings would result; likewise reducing doctor's salaries to those of most other professions and insurance companies to save on their duplications and profits...such obvious steps would allow the US to support its citizens health better and at far less cost than is now the case.

Original Video: http://rdwolff.com/content/special-comments-short-clips

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