By no means do I always agree with Mr. Denninger, but unless I am missing something, his thesis, which I have heard him discuss before, seems sound. What I don't understand is the following: if his thesis is correct, Hell, even if it isn't, why didn't the Republicans make this the centerpiece of their argument against health care reform legislation? Had they convincingly portrayed the legislation as merely a stepping stone to a totally socialized medical care system, as opposed to what it appears to be now-which is a short to intermediate term bonanza for health insurers- they might have had more success opposing it. A different problem with Mr. Denninger's thesis is, given that the health care lobby was integral to writing this legislation, why would they cobble together something that spells their doom.
Of course, by the time this health care reform is supposed be fully implemented the condition of the U.S. economy will likely be so poor it will preclude it from functioning.