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Health Care Plan is Like 'DMV or Post Office': Laffer

This health care plan that the government is proposing is going to cost a lot more than what people think, said Arthur Laffer, chairman of Laffer Associates.

“People are going to lose access to their doctors,” Laffer told CNBC.

“What they could have done in this bill—they could have done serious tort reform. So you can reduce all those legal fees and they could have provided alternative health care providers to give you shots and things that you now have to go to a doctor.”

Laffer compared the Democrats’ health care plan to two unpleasant bureaucratic experiences:

“If you like the DMV or the Post Office, then you’re going to love the Democrats’ health care proposal—and the quality,” he said. “If you were to send something by mail—would you use DHL and UPS or the Post Office?”

For Investors:

According to surveys, 85 percent of Americans say they are currently satisfied with their health care plans. Laffer said it is unwise to make the vast majority suffer for the 15 percent of unsatisfied people.

“If you have a poor person, of course you’re going to help out that poor person—but you don’t want to stop that poor person from making the decision as to what he or she wants and needs from the doctor,” he said.

“That should be a joint decision between the doctor and the patient, not the government. And you know they’re going to run out of money—because it’s going to be way over expenditures.”

Laffer’s Proposal: Patient-Centered Health Care Reform

  • Individual ownership of insurance policies
  • Leverage Health Savings Account (HSAs)
  • Allow interstate purchasing of insurance
  • Reduce the number of mandated benefits insurers are required to cover
  • Reallocate Medicaid spending into vouchers
  • Reform tort liability laws

Disclosure:

No immediate information was available for Laffer or his firm.

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