Quick, what is the world’s fifth largest economy? India? France? California?
Anyone? Anyone? Bueller? Bueller?
If you guessed the American healthcare system, then you’ve been paying attention while everyone else has been sleeping through class. US healthcare is a $2.8 trillion dollar behemoth. And according to many studies and personal anecdotes, it ranks far from the top in both quality and outcome. Sadly, however, you have no choice but to buy it. This has been the case for years, long before Obamacare became a thing. We’ve had to pay, will have to pay, no matter what it’s called.
What? Obamacare is not responsible for all of our healthcare woes? Sadly, no. If you had to point at any single cause of the sorry state of things, Warren Buffett would be a good place to start. You thought we were going to get our anti-attorney /anti rant on rather than fingering Uncle Warren. Attorneys are just the symptom of the problem. A vile ridiculous festering symptom, but not the cause.
Buffett,the worlds greatest investor, has said that buying Berkshire Hathaway was his biggest mistake (insert record scratch). He says he should have bought an insurance company. This is coming from the man who already owns GEICO. The kimono doesn’t open any wider. Buy low. Sell high. Own an insurance company. That’s all the investing advice anyone needs.
The vicious cycle is plain and simple: You pay the insurance company out of fear of losing your assets.. They in turn, besieged by attorneys and mugged by the medical industrial complex, eventually pay out. To cover the expense, the company raises everyones rates. Higher rates means more in the coffers for the lawyers and the medical industry to soak. All the while the public slowly bleeds to death from ever increasing premiums. There are now three certainties in life: Death, Taxes and, sadly, Insurance Premiums.
If this has you thinking “extortion”, you’re not seeing the whole picture. Insurance is at the heart of what is basically state sponsored terrorism and enslavement. Extreme? Not at all. Manufacture a threat. Offer fee based protection from that threat. That is the heart of terrorism. The ever present threat of ruin and destruction if demands are not met. Then build a culture around The ever present threat And sell it by way of animal mascots. Make no mistake about it. The American people have more to fear from the rising premiums than they do Al Qaeda or the Taliban.
A terrorist attack is brazen. It is designed to call attention to itself. It galvanizes a response. Rising premiums are far more subtle, yet more far more dangerous. Much like the frog that cannot tell the water is getting warmer, we won’t see this threat until it is too late.
Do you think you are more likely to be harmed in a terrorist attack, or to be financially destroyed by the legal or medical establishments? If you think it’s the latter, thank the insurance companies.
If insurance did not exist, there would be no deep pockets to pick. Prices and damage awards would dramatically deflate. Frivolous lawsuits would all but disappear. $90 Ibuprofen could be a prosecutorial offense, rather than an outrageous anecdote. The system would collapse. We would all be the better for it.