Given our recent economic situation, the often-quoted figure of 47 million Americans without health insurance has probably been far surpassed by now. So most of us welcome the new attention our health-care system is finally receiving from our federal government.
Health care reform is truly the most important issue today, even more so than our recession difficulties. While it is true that the economy drives every other issue of our society, it is our long-suffering health-care system that is in large part responsible for the state of our economy, and even for the state of the American people as a whole.
The large incomes of the “irresponsible” leaders at bankrupt firms such as AIG have been justifiably criticized. To a common person who barely survives on $40,000 a year, a million-dollar bonus is inconceivably exorbitant, as is the sheer greed required to be unsatisfied by so luxurious an income. In our common judgment, the actions taken by already-wealthy executives and traders to continue hoarding “unnecessary” wealth at public’s expense are nothing but pure evil.
Why would someone whose material wants that are already fulfilled 10 times over, still desire more money — even to the point of, in
effect, snatching pennies from the hands of beggars?
An important answer is that these seemingly above-the-law robber barons are not as invincible as they appear. Perhaps they merely (though wrongly) put their responsibility to provide for their families and themselves above their responsibility to company and country. For in our country, even the incredible bonuses paid on Wall Street pale in comparison with the potential costs of a lifetime’s health care.
Insurance premiums, which approach $1,000 dollars a month for older individuals, regular exams and diagnostic screens to catch diseases early, and multiple prescriptions, can all cut deep into even large fortunes over time.
But the scary stuff is what insurers are reluctant to cover. At thousands of dollars a day, an extended hospitalization can easily consume decades’ worth of dawn-to-dusk work, not to mention a $1 million lifetime cap on many health-insurance policies. A heart bypass surgery costs $57,000, while some of the most modern cancer drugs can cost up to $10,000 per month for the rest of your life — at that rate, how long would $1 million last? Would even $1 billion be enough to retire on?
Clearly not. No risk-aware corporate executive can ever be truly “set for life” when the possibility exists for such rapid dissolution of their painstakingly acquired fortunes. In an unpredictable economy the only safety exists in continued material accumulation.
For any American whose family members might potentially need the best health care down the road, enough is never enough.
Until our society can guarantee high-quality health care to all who cannot pay for it, we cannot legitimately dismiss such worries as unfounded. The fear of a future catastrophic illness is among the most potent of the forces that drive America’s insatiable greed.
A wisely reformed health-care system is therefore an essential ingredient in preventing future economic bubbles and in justifying our demand for more social responsibility and civic-mindedness from our wealthy peers.
Reach Kenneth at kenneth.lan@asu.edu.
