Leslie Scism, Wall Street Journal staff reporter and news editor, talks about the debate in Congress over reauthorizing the federal flood insurance program.
One caller said private insurance would be more efficient & less wasteful than gov't. insurance. But that's not the case w/medical insurance. I don't have time to look up the exact no's., but the administrative costs of private health insurance co's. are a much higher proportion of their overall spending than those of gov't. health insurance programs. And as we heard during the segment, private providers of flood insurance cherrypick for low-risk customers, just as private health insurers do.
Brian - I know you're smarter than this, and I know that question was a set-up.
You do not have to buy a home. You do not have to buy a car. You choose to buy these things (and no, they are not rights). If you choose to buy them then certain conditions precedent may be mandatory (i.e., car insurance, or home insurance if your financing your house).
The mandate to buy health insurance is in no way similar to this issue. The mandate is not based on a consumer decision - it is based solely on the fact that I am alive and an American citizen (that's right, undocumented aliens are not mandated to buy health insurance).
The only thing more insulting than the federal mandate for health insurance is the ignorant comparison to the mandate for car/home insurance.
After 25 years of Allstate Homeowners Insurance without a claim, Allstate dropped us because actuaries said Long Island was due for a big hurricane. I live in one of the highest points of Huntington LI. I had absolutely NO flood damage in this storm. Insurance is a racket.
speaking of shopping malls on marshland, was an environmental impact statement conducted re this xanadu mall complex proposed in nj?
Medicaid fees are HIGH? Somebody sure is high.
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