Also in this playlist...
This transcript is automatically generated
It's a first for the Medicare program starting in July it will begin tracking how much is spent per recipient.
Hospitals that keep patient cost -- will be rewarded while those -- high patient cost we'll have some of their Medicare money taken away.
There's perhaps well intended plan like many ill advised government ideas assured I have some.
When bean counters and desperately want government money start influencing how patients are treated.
Here to discuss my freedom fire Fox Business stocks editor and my colleague Elizabeth MacDonald.
Democratic strategist Carl Jeffers and Loyola of New Orleans university professor -- Demeco.
Candy you first how how bad is this gonna get that the mentality that runs the post office.
We'll be telling positions the medications the procedures.
And the and the tests that they can employ on their elderly patients.
I think that's the right way to look at a judge I mean it's not it's probably not the worst plan.
-- ever Prague govern over our health care system but the idea that.
Any individual -- from watching -- can design a mathematical formula to produce and distribute the medical resources for -- Our country as diverse and unique as they had done -- health care needs of different people are is just pure hubris.
I mean call me crazy but I think that doctors and patients are the people who define quality the best for themselves.
-- even a liberal Democrat like you know I still agree with that doctors and patients should decide I'm medical care rather than faceless nameless bureaucrats in windowless rooms -- basement offices in Washington DC and trying to get on the skin.
Robin into it instead they had said call me crazy but I'm I'm gonna do that right now because what you guys the that you see it right job to get on in my skin -- met him.
What about you guys -- going if it's taking this too it's the doomsday liable.
I think what is what got -- and crops of this proposal.
Is that we should have.
Have a better tracking and monitoring of the services and -- the costs and expenditures it's not saying that we're going to take away the decisions about those expenditures and services from the doctors -- -- we're going to keep track government.
And -- and those who have supported -- every form.
Headset that I want the way we can save money is by car that won't -- I -- about the argument of those who are opposed to weather also making a lot of.
-- got a billion it is it is it isn't Karl destroying his own argument isn't the unintended consequence of this that bureaucrats will say.
You are spending too much money and mrs.
MacDonald are -- mr.
Jeffers in -- are running too many tests not because we're second guessing.
Your medical judgment but because we don't want you to spend that money.
Kelly that was been an idea that was that came out of the Clinton health reform under the -- health reform plan health war and it was a bipartisan plan to do just that and 05.
Judge I don't know I want taxpayer money to be protected I want to stop.
Waste in and fraud in Medicare I want that to happen.
But what we're talking about is a fifteen member advisory panel that is unelected that'd be equivalent to the Federal Reserve board deciding on what is gonna happen in an economy -- part economy that's the size of Great Britain can only hope that Medicare or the federal health plan.
We'll be able to cover the back sprains in the contortions -- that bureaucrat -- asked to define things like efficiency.
Because that's what it comes down.
And isn't this the inevitable result of government financing health care that government.
Not medical personnel and the government but bean counters and the government.
Will supersede the decisions of patients and and positions that's the worst of all circumstances is it not.
I think I think you're absolutely right judge and the other thing to recognize here is the process of feedback I mean medical industries a fast paced high innovation market.
And the fact of the matter is that subjecting these processes the politics.
Means that at best we can update the model that we use every for her however many political cycles it takes.
This -- that these proposals is a problem of planning not the problem of any particular plan -- which is more -- -- -- the free market wanted to addresses an issue or bureaucrats and politicians when they spend tax dollars on addressing that issue.
Well judges and were asking me a philosophical or intellectual question probably I've often times say the flea market.
But let me respond that quickly that the reality is is that the average American as no more confidence and how the insurance companies are going to decide about services and -- Anderson has the -- that's right it's receded as they try to get rest -- if that that's right I'm -- I'm like yeah right that's why any particular driver around brightness that's right right -- price control.
Either by the insurance industry in a wide net however are -- on -- I'm gonna give you one you make a good point on that we're gonna switch switch topics.
Not because you want but it doesn't add up to another topic in -- we leave.
The Federal Reserve -- the transitory.
But the international aid agency Oxfam.
And the UN food and agricultural organizations say less -- -- quoting the UN global food prices for staples like corn will double in twenty years.
So why exactly does the Fed think inflation is not a looming threat to him why does the Fed think you can ignore something like all of these international organizations are predicting food prices will double -- -- years.
Why did the political wing is insulated from the effects of inflation insofar as people don't really feel it in their pocket books when the prices of higher education the prices of houses go up.
People don't really recognize that it's systematic and economy wide.
Now I only know how effective these cycles is the fact that finally food prices are going up but the other side of this -- is that there are also being driven up not just by.
Inflationary tactics but it's part of they're real relative scarcity of food I mean all of these houses that we don't that no -- necessarily wants.
Came at the expense of consumer goods that we don't necessarily have right.
Resumption YE -- -- -- that the Fed is so out of touch that it insists that beautiful would be not in its.
Pricing structure when it decides whether or not inflation is happening or just refuses to recognize that food prices and.
You know I -- -- go to the -- -- markets we -- I that led Fed Chairman Ben Bernanke said he it that he does think it's transitory he does not think that -- to integrate the monetary policy does not affect food prices I have to say you have to focus on it when you have two to three billion more consumers coming online in the middle class in China and India you have.
You know gas prices going up yes that's a function of the dollar and also oil in Tibet supply Internet but -- -- -- made -- three core supporters the headline inflation number recently.
That can't be.
Or tomorrow how can lead Federal Reserve ignore food and gas we all eat and almost all of us certainly -- out in California and a lot of people and fly over country and most people on the East Coast except -- Manhattan drive cars and paid for gas.
Well we have.
Everybody -- and he needs a healthy but -- -- that salads but.
But in other -- to really think the reality is Elizabeth makes it as it is and -- makes an excellent point there because it it does tie into what I would suggest you.
That forests -- century drilling for the last 200 years certainly in that sense that the industrial revolution the last 150.
Are -- crap has actually consume far more and food.
That any other country -- the world proportionate to its population what what does that have to do at ignoring the fact that that right because things have gone I mean she might need to do it.
So we had the money to do it.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- And we had about thirty cents I'll give you the last word -- and the Federal Reserve ignoring reality go ahead.
I think that these are are are more than just inflationary price increases but they are -- the result the Fed policy every dollar that we spend.
The increasing capital production by -- by means of low interest rates is a dollar that we're not spending our consumable goods it's Austrian theory straightened powered.
And and answer that.
Quantitative easing the Fed to valuing the price of money food being purchased and dollars bingo.
Nobody else prices are not set by US dollars I have to do with weather events and other events have got to go thank you -- -- yeah.
-- -- -- -- -- -- -- -- -- Back with the -- true.
Filter by section