'What we call health care costs, they call income'
Posted May 12 2009 5:41pm
Health care industry groups met with President Obama yesterday to propose $2 trillion in cost "reductions" linked to a decrease in the rate of growth of health care costs. They committed to reduce the growth in costs by 1.5% each year for ten years.
Insurance companies, hospitals, physicians, pharma and labor organizations are supporting this voluntary plan in the hopes of fending off legislation that controls costs. The groups include the American Hospital Association, the American Medical Association, America’s Health Insurance Plans, the Pharmaceutical Research and Manufacturers of America, the Advanced Medical Technology Association, and the Service Employees International Union.
President Obama's stated that "we cannot continue down the same dangerous road we've been traveling for so many years, with costs that are out of control, because reform is not a luxury that can be postponed, but a necessity that cannot wait... It is a recognition that the fictional television couple, Harry and Louise, who became the iconic faces of those who opposed health care reform in the 90s, desperately need health care reform in 2009. And so does America... That is why these groups are voluntarily coming together to make an unprecedented commitment. Over the next ten years - from 2010 to 2019 - they are pledging to cut the growth rate of national health care spending by 1.5 percentage points each year - an amount thats equal to over $2 trillion."