Posted by Andrew Roman on February 26, 2010
Thanks to talk show host Mark Levin – the Great One – I was made aware of this little gem from Senator Lamar Alexander during yesterday’s Obamacrat health care summit.
Now some say we need to rein in the insurance companies. Maybe we do. But I think it’s important to know that if we took all the profits of the insurance companies, the health insurance companies entirely away – every single penny of it – we could pay for two days of the health insurance of Americans. That would leave 363 days with costs that are too high.
Recall late last year when it was revealed that American insurance companies ranked number 35 on the Fortune 500 list of most profitable industries – not exactly fat cat nirvana.
You may also remember that insurance companies last year ran profit margins of around 2% – well below the 6% they normally have.