Tuesday, March 30, 2010
Why insurance rates are so high.
The government's student loan program has been revamped. Used to be that the federal money for the loans was channeled through a middle man -- commercial banks. Of course, the banks saw to it that they profitted from these transactions. But Congress, at the urging of Barack Obama, has decided to have the loans come directly from the government. And over a period of years, that's expected to save taxpayers $68 billion. Wow! I wonder why it took our public officials so long to do the right thing. And all the more reason for health care insurance to be provided through a single-payer public system. Yes, let's tell the private insurers to go to hell. They've been raking in obscene profits in their middle man roles. Little wonder that insurance rates are so high. --Jim Broede
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The $68 billion that may be saved by cutting the banks out of the student loan program is definitely is not chump change. It is a shame that the past profit from them went to the banks instead of the US government. The "surplus" Social Security money could have been put to good use and actually generated some much needed income.
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