John McCain finally presents his health-care reform plan:
The Senator is also starting to enfold these ideas in a larger narrative that will be indispensable in the philosophical fight that is so clearly ordained for the general election between private and government health care. Mr. McCain undertook yesterday to recast this looming argument in a new mold. He contended that the health insurance and delivery system is in fact failing many Americans – but that it was failing because of market distortions mostly created by the government itself. Fixing these irrationalities would both make insurance more affordable and increase overall coverage in the bargain. Nor would it require the vast new entitlement programs Democrats are eyeing.
His major proposal would change the tax treatment of insurance. To review: Today’s tax code permits businesses to deduct the cost of providing insurance to their employees, but it doesn’t do the same for individuals. This creates third-party payment problems; workers aren’t aware of the full, true costs of many treatment decisions, part of the reason the U.S. has double-digit health-care inflation. And it makes insurance less affordable for everyone outside the employer-based system, who must pay with after-tax dollars besides. Mr. McCain would correct this imbalance with a refundable tax credit, restoring the parity of health dollars.
The speech transcript is here.
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