Insuring Crony Capitalism

Obamacare was originally passed into law with the help of payoffs to industries in health care. Now the law’s machinery encourages each part of the medical sector to advocate for policy twists that benefit their group at the expense of other groups—and of consumers above all. For instance, the insurance industry wants to use government to squeeze drug makers, and part of this campaign involves a “nonpartisan” nonprofit think tank that’s designed to persuade the public that price controls on drugs will be swell. Actually, the history of price controls proves the opposite. If Americans want both innovation and incentives for lower prices, they will have to substitute competition in the marketplace for government-run health care.

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