Political Quotes

“we are here today because our Medicare status quo is not working and it hasn't been working for a long time. For decades, Medicare has been on a path to insolvency. In 1997, Congress attempted to impose some fiscal discipline on the program by creating the sustainable growth rate or SGR. This is a budget-enforcing mechanism that calls for annual adjustments to the amounts physicians are reimbursed for treating Medicare patients. The SGR was originally billed as a permanent solution to Medicare's unsustainable fiscal trajectory. The idea was to restrain Medicare spending by linking physician reimbursements to a target amount based on the general performance of the economy as a whole. While this may have seemed like a good idea at the time--when the economy was relatively strong and stable and growing--it quickly lost its appeal when we went into the 2001 recession just a few years later. The plan also suffered from the central planners' fatal conceit that trusts bureaucracies, rather than consumer preferences and real price pressures, to determine the cost of a particular good or service. As it turns out, the actual cost of medical goods and services and the practice patterns of physicians do not necessarily align with the health of the economy or the predictions of government bureaucrats.…”