Forbes July 16, 2024
8% of U.S. adults have medical debts, and 14% of medical debts are above $10,000. President Biden promised to cancel all medical debt in the first one hundred days of his second term. Congress has introduced the Medical Debt Cancellation Act. But can more government involvement fix medical debt?
“Medical debt is a symptom of a larger problem,” said Senate HELP Committee ranking member Senator Bill Cassidy (R-LA) during a hearing last week. “The larger problem is high prices of healthcare.”
Why are healthcare prices so high? While greed is often called the culprit, nothing combats greed and benefits consumers better than competing greed. After all, it is anticompetitive government policies—which tilt the playing field in favor of large players...
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