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Jan Schakowsky and Richard Kirsch's blog

The Private Health Insurance Industry is Killing the U.S. Economy

Fifteen years ago the private health insurance industry told Congress and the nation that it could fix the health care mess if government got out of the way. The insurers said that they would control costs for American families and businesses and improve the quality of care. The American people, American business and the Congress aren't about to buy that line again.

The result of leaving health care reform to the insurance industry is that health insurance premiums have gone up six times faster than wages in the past nine years. Those dollars are buying skimpier health coverage with high deductibles and caps on benefits, resulting in more and more insured people being forced into medical bankruptcy. Businesses that are struggling to meet health care costs in a global economy and dropping coverage, so much so that now 1 out of 3Americans under the age of 65 has been uninsured at some time in the past two years. Health care eats up 16% of our economy, up from 11% when the nation decided to leave the private insurance in charge.