We can all thank Ben Nelson for trying to get this killed in the health care bill. Ring of Fire’s Mike Papantonio makes a great case for why we need to get rid of the anti-trust exemptions for the insurance industry and how the lack of regulation over the industry is harming small businesses in the United States. Of course good little wingnut S. E. Cupp plays concern troll for the insurance industry with her B.S. about having more competition across state lines, which would only mean a race to the bottom to the states with the least regulations.
Fox Host: Instead of worrying about the cash registers today, are retailers more worried about Washington? The industry reportedly fighting the Senate health care bill saying it is going to hurt retail jobs. But will it? Conservative columnist S. E. Cupp says you bet it will. Radio talk show host Mike Papantonio disagrees. We’ll start with you Mike. Why do you disagree?
Papantonio: Well every economist in the universe will tell you that the way to increase employment is increase competition. The insurance industry has been treated like a special prima donna since 1945 with this McCarran–Ferguson Pre-emption Act and here’s the problem; when you don’t have free competition, you’re going to…it affects jobs. There’s no secret here. The anti-trust laws would prevent the industry from charging small business anything they want to charge for employee policies.
So what ends up happening Brian is small business has to pay these exorbitant premiums—by the way, the insurance industry has increased those premiums 400% in the last ten years. McCarran–Ferguson would never allow that to happen because there would be transparency. So where’s the first place they cut? They cut jobs, they cut R&D, they cut expansion, they cut new risks. That’s exactly what’s happened because we treat this industry like they’re a prima donna. They’re the only industry besides baseball that is not subject to anti-trust laws and it’s killing employers.