Price Controls: The Wrong Rx

The 65 interest groups testifying on Mar. 29 at the marathon hearing of the White House health-care-reform task force offered a confusing babble of conflicting ideas. But the message radiating from the members of the task force was loud and clear. From one end of the dais to the other, Clintonites signed on to price controls as a necessary step in stopping the double-digit inflation of medical costs. Even Robert E. Rubin, who as head of the National Economic Council should know better, suggested that maybe, just maybe, this time controls would work and not fuel a price surge in the long run.

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