Opponents of the public option in President Obama’s proposed healthcare plan often charge it will worsen the already large federal budget deficit, but the National Inflation Association (NIA) has gone a step further by suggesting it will lead the U.S. dollar to collapse.
To give an example of how government-run programs contribute to inflation, it says Medicare costs have increased from $3 billion in 1966 to an estimated $408 billion in 2009, which translates into an annual growth rate of 12 percent.
"Obama’s plan of socialized healthcare will wipe out the private sector and create less competition," the organization charges.
"[C]osts will go up for all Americans in the form of much higher inflation, and the quality of health care will go down," it adds.
NIA advocates a free-market program whereby people should be free to purchase an insurance plan of their choice, which would be cheaper as a result of fierce competition. It also says insurance should only cover accidents and major emergencies while doctor’s visits for minor problems should be paid out of pocket.
This, NIA believes, would reduce abuse within the system, shorten waiting times and encourage doctors to charge less. Instead, they are encouraged to charge the most now because they are paid by a handful of corporations.
This fall, Congress is expected to debate a healthcare reform proposal intended to ensure universal access, while lowering costs and improving efficiency. Most congressional Democrats and President Obama want to achieve this by including a public option that would compete with private insurers.
However, this approach has come under fire from congressional Republicans and fiscally conservative Democrats who allege it will be financially unsustainable and drive private insurers out of business.