NEW MEXICO EDITORIAL FORUM
Heidi Topp Brooks and Lydia Pendley
This year's multi-billion dollar bailouts of the banking and auto industry were meant to give the impression that these huge infusions of cash would buoy the economy and result in better circumstances for all. But many of us were left wondering where exactly those hundreds of billions of dollars would go and how exactly that would translate into improved conditions for regular Americans and New Mexicans.
The state of the economy and the repercussions from these drastic measures will no doubt be President Obama’s top priority. Rather than focus on more massive bailouts to huge industries, the administration must focus on a long-neglected issue that, once addressed, would not only give a boost to businesses large and small, but have real results for struggling Americans. That issue is health care reform.
The emotional and moral arguments for reforming our broken health care system are well known, but expanding the public role in health care to make sure that every American has coverage makes good economic sense too. Businesses have seen their private insurance costs almost double in recent years. According to the Kaiser Family Foundation, employer-sponsored premiums for family coverage have soared from $6,438 in 2000 to $12,680 in 2008. In New Mexico average annual health insurance premiums rose 92.3 percent from $6,222 to $11,967 between 2000 and 2007. As a result, many businesses, especially small businesses, are being forced to cut insurance for their employees. The employees, when forced to choose between a job with no insurance or no job at all, will often choose the paycheck.
This year's multi-billion dollar bailouts of the banking and auto industry were meant to give the impression that these huge infusions of cash would buoy the economy and result in better circumstances for all. But many of us were left wondering where exactly those hundreds of billions of dollars would go and how exactly that would translate into improved conditions for regular Americans and New Mexicans.
The state of the economy and the repercussions from these drastic measures will no doubt be President Obama’s top priority. Rather than focus on more massive bailouts to huge industries, the administration must focus on a long-neglected issue that, once addressed, would not only give a boost to businesses large and small, but have real results for struggling Americans. That issue is health care reform.
The emotional and moral arguments for reforming our broken health care system are well known, but expanding the public role in health care to make sure that every American has coverage makes good economic sense too. Businesses have seen their private insurance costs almost double in recent years. According to the Kaiser Family Foundation, employer-sponsored premiums for family coverage have soared from $6,438 in 2000 to $12,680 in 2008. In New Mexico average annual health insurance premiums rose 92.3 percent from $6,222 to $11,967 between 2000 and 2007. As a result, many businesses, especially small businesses, are being forced to cut insurance for their employees. The employees, when forced to choose between a job with no insurance or no job at all, will often choose the paycheck.
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