I found myself laughing last night when watching a report on a local newscast about the rising cost of health care despite the passage of the “Affordable” Care Act. Perhaps, it would have sounded differently had I heard the newcaster’s voice instead of reading the closed captioning. (Again I caught the news while doing cardio.)
I laughed because the individual reporting a story seemed incredulous that a government program designed to reduce cost had actual led to the increase. Might have been nice had the journalist had some economics education, an education where they studied not just abstract theories as articulated by astute economists, but the real-world results of increases in government regulation. He would then have known that enterprises pass the cost of increased regulations onto their customers.
In commenting on a New York Times article on rising health insurance rates, Glenn Reynolds asked in a seemingly rhetorical tone, “Who could have seen this coming?” Who indeed. Will be interesting to see just how many conservative bloggers, pundits and public figures predicted this. And how many liberal pundits and Democrat politicians assured that such “right-wingers” were talking nonsense.
Interesting also to speculate whether the local reporters in Los Angeles would have picked up on this story had the New York Times not covered it.