A "Health Care Fed" and Obama

An idea that has been floating around for some time is that a "Health Care Fed" needs to be created as a means to control health care costs.

I first heard of the concept in a conversation I had with former Surgeon General C. Everett Koop a few years ago. Later, the idea showed up as a centerpiece in the National Coalition's plan to reform the health care system.

And in both cases, I have supported it.

Most recently, it showed up in former Senator Tom Daschle's new book,

Maybe more important than the endorsement of a "Health Care Fed" from these folks are Barak Obama's comments regarding Senator Daschle's book and his support of the "Health Care Fed" idea:

“The American health-care system is in crisis, and workable solutions have been blocked for years by deeply entrenched ideological divisions. Sen. Daschle brings fresh thinking to this problem, and his Federal Reserve for Health concept holds great promise for bridging this intellectual chasm and, at long last, giving this nation the health care it deserves.”

Many will dismiss the concept as just government controls. But before they do, I hope they give some thought to just what it is the Federal Reserve, that institution beloved by Wall Street, does and how they can rationalize a government bureaucracy that controls, of all things, the money supply with their opposition to this idea.

If any part of our economy needs its money supply managed, it is our health care economy.