Wall Street Weekly | 10/30/2009 12:00 pm
Liz Peek: Grandiosity, Not Common Sense, Drives Health-Care Bill
© Shutterstock
Bears, Bulls, Chickens and Pigs: wOw’s Wall Street Weekly with Liz Peek (Week of 10/26)
Editor’s Note: Liz Peek is a financial columnist.The stock market cheered the resurgent economy yesterday, after losing ground for four days in a row. The 3.5% gain in real GDP was welcome but, since nearly half of the improvement came from the Cash for Clunkers program, I wouldn’t break out the bubbly quite yet.
ISI Group notes that economic recoveries historically mirror the extent of the downturn; the worse the falloff, the faster the bounce-back. They say that, given the recession-caused 3.8% collapse in GDP, the quarter should have jumped 10%. No one was looking for that kind of pop, given the debt load and job anxieties still weighing on Americans. Indeed, today’s report that consumer spending sank 0.5% in September (the biggest drop in nine months) underlines the fragility of the recovery. For further proof, just ask the 530,000 newly laid-off Americans that went looking for unemployment insurance last week.
HSBC’s economists had forecast 4% growth for the quarter. They were too bullish because they overestimated the government’s stimulus spending. The shortfall was in outlays from the cities and states, which unexpectedly turned down. This raises an interesting question, no doubt being asked by the 26 million Americans looking for full-time jobs. What ever happened to the stimulus program?
| We do not have to risk fundamentally weakening the health care currently found satisfactory by nearly 80% of Americans. |
If you’re wondering where our $787 billion went, visit the Recovery.gov website. The quick answer is … nowhere. Out of the entire program, only $173.2 billion has been paid out. Of the $14 billion in federal contracts awarded so far, for example, only a little over $2 billion has been received. There are some terrific projects that have received funding, though. My particular favorite is the $219,000 spent on a study of the sex lives of freshmen women at Syracuse University. You might prefer the "Week Mapping Radioactive Rabbit Feces With Detectors Mounted on a Helicopter Flying 50 Feet Over the Desert Scrub," which cost $300,000. If you’re a golfer, you’re probably thrilled with the $5,500 tax credit being applied to the purchases of golf carts.
Some of these projects make me chuckle, but the failure to create jobs for Americans is no laughing matter. A story in today’s Financial Times points out that "more than 8 out of 10 U.S. stimulus dollars spent on wind energy farms have gone to foreign companies." Cash that has gone to wind farms has funded 4,500 jobs overseas. Oops.
Well, after all, it’s the government, and no one expects perfection, or timeliness, or accountability. Then why in heaven’s name are we about to allow the government to interfere in our health care? It is inconceivable to me that Democrat leaders in the House and Senate and the Obama administration are bulling ahead with health-care legislation that Americans do not want, that we cannot afford and that is likely to detract seriously from the most pressing issue before us: putting people back to work.
Harry Reid, Nancy Pelosi and President Obama have reinvigorated the so-called "public option" based primarily on a couple of recent polls that say that Americans favor a government-run insurance program. Everyone should look up the actual WSJ/NBC poll that supposedly "green lighted" the public option. Early on, respondents are asked if the country is headed in the right direction. Over half (52%) say no, up from 43% in April. The sixth question asks people whether they approve (43%) or disapprove (48%) of the way Obama is handling health-care reform. In answering question No. 10, 48% of those surveyed say the government is doing too many things, while 46% say it is not doing enough. Responding to question 26, 42% said they think the president’s health plan is a bad idea, versus 38% who think it is a good idea, and in the follow-up 40% think that the legislation will make their health care worse (vs. 21% who think it will get better) and 47% think the cost will go up, while 13% think it will go down. Does this group sound enthusiastic about more government involvement?
Read more about: Barack Obama, Government, Harry Reid, Health, health care, Health-Care Reform, Liz Peek, Nancy Pelosi, News, Obama Administration, Wall Street Weekly
- Dear Margo: When Dad/Gramps Just Ain't Interested
- Could Mammograms Fall Victim to Obamacare? by Liz Peek
- Liz Smith: Sharon Stone, Steve Tyrell, Sarah (You Know Who), Glamour, Lesley Gore – and More!
- Liz Smith: In a Concert Hall Far, Far Away
- Queen Martha, by Cynthia McFadden
- LIZ SMITH FLASH! The Kennedy Conspiracy and the Mafia
- Remember shopping pre-Internet? What era/memory in the evolution of shopping do you think of most fondly?
- The Love Goddess: In Sickness and in Health ... But Hold the Sickness
- Let Down and Felt Up? by E.D. Hill
- The World in Vogue (Photos)
- Dear Margo: When Dad/Gramps Just Ain't Interested
- LIZ SMITH FLASH! The Kennedy Conspiracy and the Mafia
- Liz Smith: Sharon Stone, Steve Tyrell, Sarah (You Know Who), Glamour, Lesley Gore – and More!
- Liz Smith: In a Concert Hall Far, Far Away
- Queen Martha, by Cynthia McFadden
- Lily Tomlin Is Coming to NYC!
- Joan Ganz Cooney Still Shops the Way She Always Has
- Let Down and Felt Up? by E.D. Hill
- The World in Vogue (Photos)
- Announcing the Winner of Our 'Caption This' Contest
- Could Mammograms Fall Victim to Obamacare? by Liz Peek
- Dear Margo: When Dad/Gramps Just Ain't Interested
- Let Down and Felt Up? by E.D. Hill
- Remember shopping pre-Internet? What era/memory in the evolution of shopping do you think of most fondly?
- Mr. wOw: Falling in Love Again With 'Marlene'
- LIZ SMITH FLASH! The Kennedy Conspiracy and the Mafia
- The Love Goddess: In Sickness and in Health ... But Hold the Sickness
- Queen Martha, by Cynthia McFadden
- Liz Smith: Sharon Stone, Steve Tyrell, Sarah (You Know Who), Glamour, Lesley Gore – and More!
- Liz Smith: In a Concert Hall Far, Far Away
wOw Features
Reader Voices
Dear Margo: When Dad/Gramps Just Ain't Interested
The Palin Book, as Dear Margo Sees It
268 Reader Comments (so far…) Sign In or Register to comment
"Are Microsoft, Google and the entire Hollywood Entertainment making to much money as well???"
Yes, they absolutely are. Nobody is worth millions when the life of a sick child isn’t worth affordable health care.
Sherry, Who exactly are you to decide who is worth what salary? It’s called "mutual trade for mutual profit". Employers pay what services are worth. Employees accept the salary they believe their skills are worth. Bill Gates and Paul Allen built Microsoft…no one else and the market was willing to pay handsomely for their creative genius. Women are willling to pay to see a movie with Julia Roberts, Reese Witherspoon or Scarlett Johanson which in turn makes huge money for the studios. Guys will pay to see movies with Val Kilmer, Seth Rogan and Will Ferrell who do the same.
If you don’t think Microsoft is worth the money it has earned then make a list of all the ways it affects your life, eliminate them and get off your computer. If you don’t think Hollywood is worth money then don’t partake in any of its entertainment or magazines that glorify it. Same with authors, Oprah, musicians and professional sports.
It’s not your call or the government’s to say what anyone’s skills or work is worth. It is not how our Republic works.
"when the life of a sick child isn’t worth affordable health care"
What about SCHIP? It was expanded to include "sick children" up to age 25 and includes incomes up to 80K. So, there shouldn’t be any child not covered by health insurance in this country anymore. And certainly there is not a single child that can’t get "affordable" health care. That is what SCHIP was supposed to be for.
Dear Phyllis… I think your own post smacks of paranoia if you are really worried that next year the planet is going to explode in a ball of global warming fire. But, assuming you are a true believer, I have a question for you. How do you anticipate heating your house this winter? Of course, if you live in Florida that is a cheat but assuming you live somewhere where snow usually flies in the winter are you willing to live without any heat other than the sun because we all know its so much warmer now?
Of course the health care debate has nothing to do with global warming.
I’m afraid that Liz is preaching to the ignorant, Who believe that Obama has an unlmited *stash* of money to give them everything they ever desired. I recall hearing a woman calling in to a radio program before the election saying that *you can take my car because Obama is going to buy me a new one*. She believed that to be true.
Liz has offerred a responsible reform idea which will take care of theuninsured but not shaft the insured (who will be paying the price for thye uninsured under any reform) better than they would be taken care of under obamacare (does Obama care? I don’t know…I know he cares about Fox News, the chamber of commerce, the Associate Press and anyone else who says he has no clothes but I really think his focus is on the next free trip to Copenhagen. Which will make MIchelle so happy as she c an make fashion history for all of us X size women..which is the ONLY redeeming quality she has..she has made plus sizes look sexy!)
For those concerned about sick and dying children ( of course we all do). What do you say about this administrations dismal performance on the H1N1 vaccine distribution and the children and adults who have died so far that could not get the promised vaccine?
This administration originally promised 200 plus Million doses by October it is now Novemeber and we have maybe 16 ?? And a committment to give 10% to the WHC for countries overseas.
And of that 16 mil we made sure to give it to the GITMO detainees first!!!!???
This is the government you want running all healthcare???
"For those concerned about sick and dying children ( of course we all do)."
Not if it’s they may cost you and extra $1 in taxes because YOUR administration costed their parents their jobs and health care benefits.
"What do you say about this administrations dismal performance on the H1N1 vaccine distribution and the children and adults who have died so far that could not get the promised vaccine?"
Since when does the White House have a pharmacuetical manufacturing wing?
"Sherry, Who exactly are you to decide who is worth what salary?"
I’m a human being with common sense. I was asked for my opinion on that topic and I gave it.
"glorify it."
I don’t glorify anything or anybody.
Common sense? Seriously? Try emotional ranter.
Are you suggesting it?
In my state of Oregon..if that happened the Oregon Health plan takes over. My son’s ( unemployed) MIL just completed cancer treatment with minimal insurance….what they did not pay the state picked up. She received treatment just as if she had insurance. She is also recieving disability and food stamps while she recovers.
The House Republican Conference has compiled a list of all the new boards, bureaucracies, commissions, and programs created in H.R. 3962, Speaker Pelosi’s government takeover of health care:
1. Retiree Reserve Trust Fund (Section 111(d), p. 61)
2. Grant program for wellness programs to small employers (Section 112, p. 62)
3. Grant program for State health access programs (Section 114, p. 72)
4. Program of administrative simplification (Section 115, p. 76)
5. Health Benefits Advisory Committee (Section 223, p. 111)
6. Health Choices Administration (Section 241, p. 131)
7. Qualified Health Benefits Plan Ombudsman (Section 244, p. 138)
8. Health Insurance Exchange (Section 201, p. 155)
9. Program for technical assistance to employees of small businesses buying Exchange coverage (Section 305(h), p. 191)
10. Mechanism for insurance risk pooling to be established by Health Choices Commissioner (Section 306(b), p. 194)
11. Health Insurance Exchange Trust Fund (Section 307, p. 195)
12. State-based Health Insurance Exchanges (Section 308, p. 197)
13. Grant program for health insurance cooperatives (Section 310, p. 206)
14. "Public Health Insurance Option" (Section 321, p. 211)
15. Ombudsman for "Public Health Insurance Option" (Section 321(d), p. 213)
16. Account for receipts and disbursements for "Public Health Insurance Option" (Section 322(b), p. 215)
17. Telehealth Advisory Committee (Section 1191 (b), p. 589)
18. Demonstration program providing reimbursement for "culturally and linguistically appropriate services" (Section 1222, p. 617)
19. Demonstration program for shared decision making using patient decision aids (Section 1236, p. 648)
20. Accountable Care Organization pilot program under Medicare (Section 1301, p. 653)
21. Independent patient-centered medical home pilot program under Medicare (Section 1302, p. 672)
22. Community-based medical home pilot program under Medicare (Section 1302(d), p. 681)
23. Independence at home demonstration program (Section 1312, p. 718)
24. Center for Comparative Effectiveness Research (Section 1401(a), p. 734)
25. Comparative Effectiveness Research Commission (Section 1401(a), p. 738)
26. Patient ombudsman for comparative effectiveness research (Section 1401(a), p. 753)
27. Quality assurance and performance improvement program for skilled nursing facilities (Section 1412(b)(1), p. 784)
28. Quality assurance and performance improvement program for nursing facilities (Section 1412 (b)(2), p. 786)
29. Special focus facility program for skilled nursing facilities (Section 1413(a)(3), p. 796)
30. Special focus facility program for nursing facilities (Section 1413(b)(3), p. 804)
31. National independent monitor pilot program for skilled nursing facilities and nursing facilities (Section 1422, p. 859)
32. Demonstration program for approved teaching health centers with respect to Medicare GME (Section 1502(d), p. 933)
33. Pilot program to develop anti-fraud compliance systems for Medicare providers (Section 1635, p. 978)
34. Special Inspector General for the Health Insurance Exchange (Section 1647, p. 1000)
35. Medical home pilot program under Medicaid (Section 1722, p. 1058)
36. Accountable Care Organization pilot program under Medicaid (Section 1730A, p. 1073)
37. Nursing facility supplemental payment program (Section 1745, p. 1106)
38. Demonstration program for Medicaid coverage to stabilize emergency medical conditions in institutions for mental diseases (Section 1787, p. 1149)
39. Comparative Effectiveness Research Trust Fund (Section 1802, p. 1162)
40. "Identifiable office or program" within CMS to "provide for improved coordination between Medicare and Medicaid in the case of dual eligibles" (Section 1905, p. 1191)
41. Center for Medicare and Medicaid Innovation (Section 1907, p. 1198)
42. Public Health Investment Fund (Section 2002, p. 1214)
43. Scholarships for service in health professional needs areas (Section 2211, p. 1224)
44. Program for training medical residents in community-based settings (Section 2214, p. 1236)
45. Grant program for training in dentistry programs (Section 2215, p. 1240)
46. Public Health Workforce Corps (Section 2231, p. 1253)
47. Public health workforce scholarship program (Section 2231, p. 1254)
48. Public health workforce loan forgiveness program (Section 2231, p. 1258)
49. Grant program for innovations in interdisciplinary care (Section 2252, p. 1272)
50. Advisory Committee on Health Workforce Evaluation and Assessment (Section 2261, p. 1275)
51. Prevention and Wellness Trust (Section 2301, p. 1286)
52. Clinical Prevention Stakeholders Board (Section 2301, p. 1295)
53. Community Prevention Stakeholders Board (Section 2301, p. 1301)
54. Grant program for community prevention and wellness research (Section 2301, p. 1305)
55. Grant program for research and demonstration projects related to wellness incentives (Section 2301, p. 1305)
56. Grant program for community prevention and wellness services (Section 2301, p. 1308)
57. Grant program for public health infrastructure (Section 2301, p. 1313)
58. Center for Quality Improvement (Section 2401, p. 1322)
59. Assistant Secretary for Health Information (Section 2402, p. 1330)
60. Grant program to support the operation of school-based health clinics (Section 2511, p. 1352)
61. Grant program for nurse-managed health centers (Section 2512, p. 1361)
62. Grants for labor-management programs for nursing training (Section 2521, p. 1372)
63. Grant program for interdisciplinary mental and behavioral health training (Section 2522, p. 1382)
64. "No Child Left Unimmunized Against Influenza" demonstration grant program (Section 2524, p. 1391)
65. Healthy Teen Initiative grant program regarding teen pregnancy (Section 2526, p. 1398)
66. Grant program for interdisciplinary training, education, and services for individuals with autism (Section 2527(a), p. 1402)
67. University centers for excellence in developmental disabilities education (Section 2527(b), p. 1410)
68. Grant program to implement medication therapy management services (Section 2528, p. 1412)
69. Grant program to promote positive health behaviors in underserved communities (Section 2530, p. 1422)
70. Grant program for State alternative medical liability laws (Section 2531, p. 1431)
71. Grant program to develop infant mortality programs (Section 2532, p. 1433)
72. Grant program to prepare secondary school students for careers in health professions (Section 2533, p. 1437)
73. Grant program for community-based collaborative care (Section 2534, p. 1440)
74. Grant program for community-based overweight and obesity prevention (Section 2535, p. 1457)
75. Grant program for reducing the student-to-school nurse ratio in primary and secondary schools (Section 2536, p. 1462)
76. Demonstration project of grants to medical-legal partnerships (Section 2537, p. 1464)
77. Center for Emergency Care under the Assistant Secretary for Preparedness and Response (Section 2552, p. 1478)
78. Council for Emergency Care (Section 2552, p 1479)
79. Grant program to support demonstration programs that design and implement regionalized emergency care systems (Section 2553, p. 1480)
80. Grant program to assist veterans who wish to become emergency medical technicians upon discharge (Section 2554, p. 1487)
81. Interagency Pain Research Coordinating Committee (Section 2562, p. 1494)
82. National Medical Device Registry (Section 2571, p. 1501)
83. CLASS Independence Fund (Section 2581, p. 1597)
84. CLASS Independence Fund Board of Trustees (Section 2581, p. 1598)
85. CLASS Independence Advisory Council (Section 2581, p. 1602)
86. Health and Human Services Coordinating Committee on Women’s Health (Section 2588, p. 1610)
87. National Women’s Health Information Center (Section 2588, p. 1611)
88. Centers for Disease Control Office of Women’s Health (Section 2588, p. 1614)
89. Agency for Healthcare Research and Quality Office of Women’s Health and Gender-Based Research (Section 2588, p. 1617)
90. Health Resources and Services Administration Office of Women’s Health (Section 2588, p. 1618)
91. Food and Drug Administration Office of Women’s Health (Section 2588, p. 1621)
92. Personal Care Attendant Workforce Advisory Panel (Section 2589(a)(2), p. 1624)
93. Grant program for national health workforce online training (Section 2591, p. 1629)
94. Grant program to disseminate best practices on implementing health workforce investment programs (Section 2591, p. 1632)
95. Demonstration program for chronic shortages of health professionals (Section 3101, p. 1717)
96. Demonstration program for substance abuse counselor educational curricula (Section 3101, p. 1719)
97. Program of Indian community education on mental illness (Section 3101, p. 1722)
98. Intergovernmental Task Force on Indian environmental and nuclear hazards (Section 3101, p. 1754)
99. Office of Indian Men’s Health (Section 3101, p. 1765)
100.Indian Health facilities appropriation advisory board (Section 3101, p. 1774)
101.Indian Health facilities needs assessment workgroup (Section 3101, p. 1775)
102.Indian Health Service tribal facilities joint venture demonstration projects (Section 3101, p. 1809)
103.Urban youth treatment center demonstration project (Section 3101, p. 1873)
104.Grants to Urban Indian Organizations for diabetes prevention (Section 3101, p. 1874)
105.Grants to Urban Indian Organizations for health IT adoption (Section 3101, p. 1877)
106.Mental health technician training program (Section 3101, p. 1898)
107.Indian youth telemental health demonstration project (Section 3101, p. 1909)
108.Program for treatment of child sexual abuse victims and perpetrators (Section 3101, p. 1925)
109.Program for treatment of domestic violence and sexual abuse (Section 3101, p. 1927)
110.Native American Health and Wellness Foundation (Section 3103, p. 1966)
111.Committee for the Establishment of the Native American Health and Wellness Foundation (Section 3103, p. 1968)
http://www.gop.gov/policy-news/09/11/02/new-federal-bureaucracies-created-in
Liz. That’s so very common and wing nutty.
Calling others, names that best describe, yourself.
Can we also add Poor Little TARP Wife, to your whinefest?