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Author: EddieLuck Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 10551  
Subject: Re: Health & Retirement Savings Accounts Date: 9/5/2004 12:38 PM
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Gentlemen, I believe that the crux of the health care "crisis" is that we all want the best medical care and security, but many of us can't afford it. Getting govt. programs to pay for everything has the effect of transferring the costs into the future because if we can't afford it, the govt. can't either, and so will just borrow the money as usual.

Doing anything via the govt. just adds cost and innefficiency. What we have to do is just acknowledge that we can't all afford all the best care, and stop whining about it. The universal clamor for the govt. to "fix" the "problem" is goading them to do something, and the only course they can pursue is some sort of further socialised medicine, run on money borrowed from future generations. Witness the latest Medicare drug fiasco. It is so complicated you have to hire a consultant to help you decide how to work the system, and it is entirely paid for with borrowed money. I for one don't want that. Govt. involvement always makes things worse, so why don't we all do like you, brucedoe, and try to provide for ourselves and our families the best way we can rather than indulging the fantasy that it is possible to grow medical expenses faster than GDP indefinitely?

The fact that Rolls-Royces cannot be afforded by most people is not a problem either, and I don't want the govt. to get involved in making sure that I can get one. There is a limit to what we can afford in life, and we as a nation are already living way beyond that limit. This fact has been painfully obvious for decades but nobody seems to give a who-ha about it as we all race towards national financial oblivion. The national standard of living is already reduced by the overall debt level and it is rapidly getting worse. I see it as an ever-growing sword of Damocles getting heavier and heavier as the slender cord strains and stretches.

I expect that soon the "generation wars" are going to start, and am quite surprised that I have not yet heard about any movement among young people to fight the reckless destruction of the national balance sheet by the utterly selfish and self-absorbed adult population. Over the course of the last century our money has been destroyed and replaced by debt while we rejoiced at how much our houses were "going up", ignoring that niggling thought at the back of our minds that in fact our money was going down, and that we were all being had somehow.

I am not against helping poor people, but I just don't think that that is an appropriate area for govt. involvement. Every govt. program reduces our freedom. They make such a hash of things. I myself will be drawing on SS and Medicare throughout my retirement, but am not at all happy about it, and prefer private investment and insurance greatly.

My mother and father taught me at a very early age that wealth is gained by saving and investment, and from saving and investing my paltry allowance was able to buy my own bicycle, pool table, canoe, etc, and a lot of fireworks. It is no different for a nation. Economists who extoll the virtues of "judicious leverage" are a bunch of loonies as far as I can tell. Those who think that our fiat money, fractional reserve banking, and debt have been major engines of the twentieth century expansion are correct. It is just that hard money and thrift would have allowed even more wealth, and a much better chance for our children.

Good luck,

Ed.

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