In yesterday’s Wall Street Journal, Robert R. Reich (Secretary of Labor under President Bill Clinton) wrote an op-ed in support of a public health-care plan. At the heart of his argument was the precept that the private sector needs Government competition to provide the necessary incentive to improve its cost effectiveness. That statement in essence argues that the Goverment – a de facto not-for-profit entity – should run all business, because if you don’t have to generate a profit to be successful, of course you can have lower costs. Well that, my friends, is socialism – Government ownership of the means of production. With our Federal Government now in control of the banking system and the automobile industry, why not add the health care industry. What is next? Technology? Help!!
Advice on Financial Markets