Something For Nothing

From Sam Stein at HuffPo:

A Goldman Sachs analysis of health care legislation has concluded that, as far as the bottom line for insurance companies is concerned, the best thing to do is nothing. A close second would be passing a watered-down version of the Senate Finance Committee's bill.

A study put together by Goldman in mid-October looks at the estimated stock performance of the private insurance industry under four variations of reform legislation. The study focused on the five biggest insurers whose shares are traded on Wall Street: Aetna, UnitedHealth, WellPoint, CIGNA and Humana.

The Senate Finance Committee bill, which Goldman's analysts conclude is the version most likely to survive the legislative process, is described as the "base" scenario. Under that legislation (which did not include a public plan) the earnings per share for the top five insurers would grow an estimated five percent from 2010 through 2019. And yet, the "variance with current valuation" -- essentially, what the value of the stock is on the market -- is projected to drop four percent.

(More after the jump...)

Things are much worse, Goldman estimates, for legislation that resembles what was considered and (to a certain extent) passed by the House of Representatives. This is, the firm deems, the "bear case" scenario -- in which earnings per share for the top five insurers would decline an estimated one percent from 2010 through 2019 and the variance with current valuation is projected to be negative 36 percent.

What the firm sees as the best path forward for the private insurance industry's bottom line is, to be blunt, inaction.

And the best part is the insurance companies and the GOP have convinced millions of Americans that the government should have nothing to do with providing health care.

More Americans now say it is not the federal government's responsibility to make sure all Americans have healthcare coverage (50%) than say it is (47%). This is a first since Gallup began tracking this question, and a significant shift from as recently as three years ago, when two-thirds said ensuring healthcare coverage was the government's responsibility.

Gallup has asked this question each November since 2001 as part of the Gallup Poll Social Series, and most recently in its Nov. 5-8 Health and Healthcare survey. There have been some fluctuations from year to year, but this year marks the first time in the history of this trend that less than half of Americans say ensuring healthcare coverage for all is the federal government's responsibility.

That precipitous drop has come because only 21% of Republicans think providing health care for all Americans is a worthy goal now.  Even fewer, only 11%, want to replace the current health care system.
Millions of Americans have been convinced that their health insurance is fine, and millions more are convinced that we should tell those who don't have it to go screw themselves.  They're ready to revolt for their right to continue to slit their own wrists and ship the blood to corporate America.

There is a horrid beauty that must be admired in the Pretty Hate Machine's ability to convince Americans to destroy their own self-interest.