Obama: "The system's broken, I think people all across the country recognize that."
He is correct. We spend more of our GDP on health care expenditure's with less return on life expectancy.
Obama: "I don't accept the idea that in the richest country on earth we should have 47 million people without health insurance, and millions more being bankrupt from medical bills."
Herein lies Obama's first failed assumption regarding economics. Riches and resources do not lead to economic welfare. The protection of that property of resources leads to welfare. He views economics as the job of distributing scarce resources. Economics is rather mobilizing a market aggregate such that existing resources of production, however abundant or scarce, are combined in news ways to create new value.
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