OK, it’s widely understood that “ethical Congressman” is an oxymoron if not an entirely extinct species.
Georgia Representative Tom Price is a Congressman. He also invests in medical technology and pharmaceutical companies to the tune of about $300,000. He also introduces bills and writes letters to regulators to help the companies whose stock he owns — boosting the value of his own investment. In turn, the companies donate to his re-election campaigns. (The Wall Street Journal first broke this story in December; CNN added new information today.)
Basically Tom Price is a poster child for “conflict-of-interest.” Government is supposed to be “for the people”, not for your own wallet.
Price is also Trumps nominee for Health and Human Services Secretary and Trump’s designated leader on ACA reform.
If he’s leading the charge, just who is the real beneficiary of ACA reform going to be?
In fairness, Price says that if he gets this new job, he will get rid of all of his stocks within 90 days. However, he’s been in Congress for 11 years, with a consistent pattern of behavior. That’s going to change overnight?? Plus ACA repeal reportedly will occur before he has liquidated his stocks, if it happens as promised.
Of course, the voters of Georgia share the blame for this mess. You elected someone five times who has consistently violated ethics rules. How exactly does that work?
Price’s original proposals for ACA repeal included the following five elements (quoted from NPR article cited below):
- Price’s plan offers fixed tax credits so people can buy their own insurance on the private market. The credit starts at $1,200 a year and rises with age, but isn’t adjusted for income. Everyone receives the same credit whether they are rich or poor. People on Medicaid, Medicare, the military health plan known as Tricare, or the Veterans Affairs’ health plan could opt instead for the tax credit to buy private insurance.
- Price advocates for expansion of health savings accounts, which allow people to save money before taxes to pay for health care. This includes allowing people who are covered by government health programs including Medicare and the VA to contribute to health savings accounts to pay for premiums and copayments. These proposals are included in Ryan’s plan.
- People with existing medical conditions couldn’t be denied coverage under Price’s plan as long as they had continuous insurance for 18 months prior to selecting a new policy. If they didn’t, then they could be denied coverage for that condition for up to 18 months after buying a new plan.
- The Price proposal limits the amount of money companies can deduct from their taxes for employee health insurance expenses. Companies can deduct up to $20,000 for a family health insurance plan and $8,000 for an individual. The goal is to discourage companies from offering overly generous insurance benefits to their workers. Ryan’s plan proposes a cap on the employer tax deduction but doesn’t specify the level of the cap.
- States would get federal money to create so-called high-risk pools under Price’s plan. These are government-run health plans for people with existing medical conditions who can’t get affordable health insurance on the private market. Critics say high-risk pools have been tried in as many as 34 states and largely failed because they were routinely underfunded.
Given that a Silver level ACA plan in NJ can cost upwards of $900 per month, a $1,200 annual credit doesn’t amount to much. And why should the credit be the same for a millionaire as for someone making minimum wage? The pre-existing condition rule means that some people with long term health issues will be excluded from coverage.
Finally, do Price’s ethics issues have anything to do with GOP efforts earlier this month to reduce or eliminate the independent Congressional Ethics Office?
The Affordable Care Act (aka Obamacare) repeal is turning into a circus. I’m sure there are more acts to follow.