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Listening to Robert Reich converse with Bill Moyers on his show recently about the prospect of a public health care option, it suddenly dawned on me that this might actually be what saves American capitalism. After witnessing Wall Street crumble before our very eyes and the banks peel back decades of corruption, unjustified speculation, and unethical lending practices, nobody seems to doubt that the very idea of capitalism took a low blow to the gut last year. It seems to invite a direct comparison to the disastrous policies of the Bush administration, with lack of oversight in the form of government deregulation leading the financial industry to take advantage of its market the same way Bush used the American people to sew the seeds of war.

After unregulated and unchecked financial institutions drove the world into economic meltdown, it doesn’t seem completely irrational to believe that health insurance giants might be just as corrupt and unethical as yesterday’s banks and lenders. Those of us who are not denied coverage outright and can actually afford insurance have the unfortunate privilege of experiencing this first hand, either through denied claims, increased costs, inadequate care, or downright inhumane customer service. In an adequately regulated capitalist system, competition is supposed to mitigate the occurrence of these issues, unless the industry is so corrupt that company executives actually work together to regulate the flow of profit. No example of this cronyism could be more valid than energy in the 90′s, and no event more telling than when the vice president of the United States, former CEO of energy giant, Halliburton, held a closed-door meeting in the White House with the country’s top energy executives, including some from Enron.

With the proposal of a new public option for health care, Reich argues that the current private health care system will be forced into competition with the government and, more importantly, itself to provide better care. That’s right, it’s an option. Despite rhetoric spewed from the mouths of mostly Republicans and health insurance lobbyists on Capitol Hill, nobody’s proposing that the government universally take over or “socialize” health care in the United States. Instead, people would have an option to stay with those who currently provide care, or they can go with the new guy. The one that offers care at lower costs and has the potential to collect and analyze patient information on a massive scale, ultimately leading to improved care in the future. This might sound to you like an unfair advantage but, to me, it sounds like competition, and capitalists always argue that competition is what spurs efficiency and innovation.

So, bring it on. An alternate option to the current system that creates real competition amongst insurance giants sounds like a wonderful idea, and one that will foster tremendous reforms. It almost seems ironic that diehard capitalists would oppose the concept, given that their entire philosophy lives and dies by the idea that competition pushes its industry forward and fosters progress. I would suggest that they stop being hypocrites and put their money where their mouth is, inherit some real risk for a change, and embrace competition like they’re supposed to do. Instead, private insurance corporations seem insistent on denying reality and maintaining the status quo by working together and dispatching lobbyist underlings to Washington in pursuit of quelling talk of reform. The truth hurts, and sometime it takes more courage to acknowledge that fact and make a change than it does to keep doing what you know is wrong. GM learned that the hard way.

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