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Regulation vs Socialism

With the recent election there has been a lot of talk about redistribution wealth and socialism. Basically, by going from a regressive tax to a progressive tax the most wealthy do pay more taxes, although they still will retain a much larger degree of wealth than middle and lower class Americans.

Socialism’s definition is a “theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole.”

So would socialized medicine be a bad thing? Most Americans certainly are not in favor of putting the government in charge of medicine and neither am I. It is all to easy to conjure up visions of inefficient beuracracy, long waits and rationing of health care. Could the system be well run? Sure, it is possible, but would rather see the government prove itself in another area of similar size and scope before even seriously entertaining this idea.

If nothing else, perhaps the threat of socialized medicine may act as a catalyst to force health care services industry, health insurance industry and the prescription drug industries to innovate, if nothing else out of fear of self preservation.

It seems to me that free markets will stay free so long as they serve the greater public interest. When they cease to do so, then the government has a responsibility to come in and protect the public’s general intersts.

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