Oligopoly is not capitalism. In fact, it’s more like socialism. Especially now that all the oligopolies are too big to fail and the government takes “ownership” should they slip up and forget they are not playing Monopoly with funny money.
In many U.S. states, recent consolidation in the Health Insurance industry has left consumers with fewer choices. In all but 3 states, the top 2 health plans have over 50% market share.
This is one of the main reasons why insurers don’t have to “compete” based on prices. All they have to do is log in to their “competitors” website and adjust their prices accordingly. At every single level of the healthcare supply chain, there are incentives to do and charge as much as possible. Our corporate government allowed this to happen for years and years. And now poor Obama is desperately cleaning up the mess. I feel for him. His heart is in the right place. It’s just that he’s got $2.5 trillion fighting against him.