I have a few 1%er friends, at the very low end of the 1%, but there they are. When it comes to health care and insurance, their standard objection to socialized medicine (or whatever you want to call taking it out of the private sector and making it a public right) is “I pay for my own insurance. I can pay for my own medical care. Why should I be forced to pay for someone else, much less, someone else who is not taking good care of their own health?”
They have a point. If my neighbor does not change the oil in his car and rotate his tires, why should anyone but he be responsible for the blown engine or bald tires?
In keeping with the car analogy, we’re all Ferraris at the moment. One hundred and twenty years ago we were all bicycles. What I mean by this is one hundred and twenty years ago, the average American spend about $100 a year on medical care. Today, that figure is over $8,000. What happened? Why so little then and so much now? The answer is simple. Back then, there was little to spend money on. Most modern day marvels, from vascular repair to anesthesia and antibiotics were not yet discovered. Today we can transplant organs, operate on beating hearts, and so much more and it’s all so much more expensive.
The 1%er might say to this, “Okay, so what? I can afford to repair my Ferrari but why should I pay to fix your Ferrari?”- excellent question.
Back in the 1920’s hospitals had a lot of empty beds. Poor people could not afford them and there were not enough sick and injured rich people to fill the beds. Hospitals were in danger of closing their doors which means no hospitals for the poor who could not pay and none for the rich who could pay. It was at this time that hospitals began selling insurance to people so that they would have a larger population to draw from, stay in business, and be able to treat the rich too. If not for this, hospitals in the USA would be as scarce as Ferrari dealerships. There are 38 Ferrari dealerships in the USA, providing sales and service to the number of American citizens who can afford a Ferrari. There slightly more than 5,500 hospitals in the USA.
Each year, as wages stagnate and the cost of medical care rises, more and more Americans are unable to afford to pay for health care/health insurance. More and more of us can no longer afford to keep our local Ferrari dealership open. This means, to the 1%, that even if they can afford a Ferrari on their own, the odds of finding one nearby, with the parts and a qualified technician, will be as good as breaking down in any random town in the USA and getting towed to a local Ferrari dealer within minutes.