Market can't be forced
April 19, 2017
I have heard Congresswoman Herrera Beutler speak many times about the positive effects “market forces” would have if certain changes were made to healthcare. I may be missing something, but according to her biography, she has spent her entire working life in politics, not in a work environment involved with Market forces—the ones where layoffs are common, where factories close and move out of the country. I think she needs to allow a broader understanding of “market forces.”
Other Market forces that deserve mention include the banking system mortgage behavior that resulted in the 2008 meltdown, the recent Wells Fargo employees abuse of clients, and Mylan’s massive increase in the cost of Epipen.
According to Rep. Herrera Beutler, we are to expect that insurance companies will act in the best interest of the public in creating policies if we allow Market forces to work. I am more than skeptical. Companies are in business to make money. They will only bend to the public need when there are specific rules they are forced to follow.
I spent the last 30 years of my working life in a business involving “market forces.” I experienced first-hand when my company, without notice, closed our office and escorted all employees off the premises for bottom line reasons.
Market forces are not evil. They are a fact of business. However, to assume that these Market forces will be benevolent is more than naive. I believe Rep. Herrera Beutler needs quite a bit more experiences with the Market forces.