Steven Holt: “Right. We're so good and so eager to move services into the private sector--in other words, to privatize Medicare. The…”

“Right. We're so good and so eager to move services into the private sector--in other words, to privatize Medicare. The then- congressional majority said, Fine. Well, it didn't take more than a couple of years before the insurance companies came back, tears in their eyes, hat in their hands saying, Well, we can't really do it for 95 cents on a dollar. It's actually about $1.15 on the dollar. And those who liked privatization said, Hey, that's still a great deal. So right now we find ourselves where 20 percent of Medicare beneficiaries are getting Medicare benefits, and we are paying insurance companies a 15 percent premium to provide those benefits.”