SalemNews.com, Salem, MA

Opinion

October 8, 2013

Letter: Obamacare was a failure from day one

(Continued)

I agree that health care is ripe for significant improvements, but tinkering with the insurance is not the way. Health care is expensive and unaffordable without insurance because of the cost of the doctors, hospitals, drug companies, and tort lawyers and malpractice insurance. (Always liked the line from Newsweek — if you don’t like the cost of malpractice insurance, stop mal-practicing!) That’s where the effort should be.

On the broader picture, compare the recovery from the post-World War I crash with the 1929 crash. In the first, we worked our way out with innovative products (George Westinghouse’s AC electricity; Henry Ford and the Model T; etc.); in the second, we tinkered our way into World War II.

Quantitative easing forever is a scheme to jack up the stock market at the cost of destroying the value of the dollar. The Federal Reserve doesn’t earn money nor does it have the power to tax. So where does it get the $85 billion each month to buy treasury bonds?

Let’s have an educated, intelligent debate and not resort to partisan sound bites.

George Binns

Beverly

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