Assignment:
Obamacare is in effect, and people have to pay a tax penalty if they don't have health insurance. At the same time, many Americans are now receiving financial assistance from the federal government to buy health insurance.
Many people (mainly Republicans) are not happy about Obamacare. One politician said it's the worst thing in the US since slavery . And it was challenged recently but survived: Chief Justice John Roberts "Congress passed the Affordable Care Act to improve health insurance markets, not to destroy them".
Is this the end of America or capitalism as we know it?
Part I. Provide sound economic arguments for a health care mandate (which means that everyone must purchase health insurance). Make sure to use these keywords: asymmetric information, adverse selection, and market failure. The United States spends far more on health care than any other country. To see why, please watch "Why is healthcare so expensive? This Won't Hurt a Bit". Do you think that Obamacare change this? If you think Obamacare is not the best system, proceed to Part II.
Part II. If you were designing a health care system from scratch, which of the following would you choose? Justify your choice.
1. Voluntary purchases from private insurance. Choose this if you believe in the power of free markets, and people should be responsible for their own health care expenses. If you choose this, be sure to mention if you think the government should provide Medicaid and Medicare to the poor and the elderly.
2. A single-payer system, which eliminate private insurance companies and put a Medicare-like system into place where the government pays all health-care bills with tax dollars. You may know that many countries such as Canada and the United Kingdom use this system.
Please use Microsoft Word. Your paper should be one page, single-spaced. You should have at least 3 online sources. Do not forget to cite your sources. Please submit by attaching yourMSWord file.
(If you are curious, this is how much Tech professors and staff members pay for medical insurance each month.)