Health Care Reform
Mr. President, I am here with my fellow freshmen Senators because we are united in our determination to pass health insurance reform this year. Our late and giant colleague Senator Ted Kennedy said it best when he called health reform…
Mr. President, I am here with my fellow freshmen Senators because we are united in our determination to pass health insurance reform this year. Our late and giant colleague Senator Ted Kennedy said it best when he called health reform ``the great unfinished business of society.''
We are presented this fall with a historic opportunity to finally succeed, and, for me, failure is not an option. The cost of inaction is too great, both for American families and for our economy. We have a bloated $12 trillion Federal debt which is being fed every day by growing health care costs. Every day, small and large businesses are laying off workers and slashing benefits to their employees. Those Americans who have coverage still do not have the peace of mind that comes from knowing insurance companies will keep their promises. Premiums are rising at three times the rate of wages. The number of uninsured is growing at a faster rate every day. In my State of Colorado, nearly one in four is uninsured in some areas. The Treasury Department recently released a study showing that one out of every two Americans will lose coverage at some point over the next 10 years. We can't allow this to become America's future, but it will if we don't act now.
There are many reasons health care reform cannot wait, but there is one that I know strikes a chord with many Coloradans; that is, the lack of freedom our current system provides. Workers across our country are afraid to leave their jobs for fear they won't be able to provide health care to their families.
That lack of freedom affects our economy because fostering the growth of small business is one of the keys to economic success. In our current system, Americans are afraid to follow their dreams and start a small business or travel to go to work for a new company. Small businesses run on thinner margins than their big-company counterparts, and they are being hit hardest by the rise in health care costs. In Colorado, we have a disproportionate share of small businesses. As a result, we have more citizens who are uninsured. Those who do offer benefits are finding themselves increasingly facing no-win decisions. They are faced with either hiring fewer employees or slashing benefits or dropping coverage completely or, in some cases, going out of business forever.
The proposals in front of us are tailor-made to help small businesses. The ideas in place would provide tax credits and create a simplified, well-regulated, pooled marketplace to help small businesses find cheaper and higher quality coverage. It is estimated that reform will save small businesses more than $500 billion over 10 years or more than $3,500 per worker. That is real money that can be reinvested in business growth and adding additional jobs to fuel our economic recovery.
The burden on individuals is only one of the culprits preventing economic growth. Our deepening Federal deficit and long-term fiscal outlook are also closely linked to a broken system. As President Obama said in his address to Congress 2 weeks ago: Our Nation's health care problem is our deficit problem. Just think, we spend $2 trillion on health care per year. That is more than $1 out of every $5 spent in the economy, more than twice what any other industrialized nation spends. I think we would all agree we are not twice as healthy for our money. If this number continues to grow, there is no hope for reining in long- term deficits.
Health insurance reform is a golden opportunity to begin to control our deficit. We can and we need to grab this opportunity and make health care the springboard from which we clean up our long-term fiscal mess. The President reminded us that the growth of health care costs, if slowed by one-tenth of 1 percent a year, would help bring down the deficit by $4 trillion.
There are many excellent ideas on the table to help us get there--by ensuring Medicare's solvency, reforming Medicare's payment structure to bring down cost growth in the long-term, and discouraging overgenerous health plans which encourage overutilization of the system.
As Senator Warner and others have pointed out, many of the proposals being discussed are politically difficult to support. But not facing politically difficult decisions head-on is what has caused so much of the inertia that has brought us to where we are today. We don't all agree on exactly the best way forward, but we do agree it is time for every Member of Congress and every Member of the Senate to think about
health insurance reform for what it is: a huge and necessary step to putting our economy back on track and finally providing stability, security, and freedom to the people. If we do this, I know we can find common ground. We must because the cost of inaction is too great.