On Tue, Oct 19, 2010 at 10:06 AM, Pat Mathews <mathew...@msn.com> wrote:
> There is NO WAY an ordinary wage-earner could have saved enough to cover > the sort of insurance-inflated medical bills common today. > If true, then by what magic of aggregation can a group of such people afford something that most individuals cannot afford? There are only two possibilities I can think of: (1) A fraction of the group members have saved a great deal, enough to support the rest of the group (2) A different group will pay to support the group that did not save enough The problem with (1) is that I think even if you confiscated all of the excess savings of those who have saved enough for themselves, you still would not have enough to take care of all those who did not save enough. The problem with (2) is how does the other group save enough to support themselves as well as support the first group? It is either a giant Ponzi scheme that will eventually collapse, or you are relying on some innovations that reduce care costs in the future, something which has not happened so far despite many advances -- people always want more and better life, and they have tended to choose that over freezing the status quo and reducing the costs.
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