December 21, 2009

Richard Epstein on Senate Health Care Bill

Richard Epstein has a lengthy essay at Point of Law about the constitutionality of the Senate health care legislation. To sum it up:
In effect, the onerous obligations under the Reid Bill would convert private health insurance companies into virtual public utilities. This action is not only a source of real anxiety but also a decision of constitutional proportions, for it systematically strips the regulated health-insurance issuers of their constitutional entitlement to earn a reasonable rate of return on the massive amounts of capital that they have already invested in building out their businesses.