Jeff Matthews is not Jim Cramer, but the two do share some characteristics: both have great heads for economics, yet both lean liberal in their politics. Actually I don’t have an explicit statement from Matthews on his politics, but I’ve drawn some inferences over the years, such as one blog posting he made where he posted a graphic a few years ago of the downtrend in the size of the northern polar ice cap and declared it the saddest thing he’d ever seen.
I say that to establish the context that Matthews is certainly no rabid right-winger, which by rights should give significant weight in the media to what he has to say today about Obamacare and proposed monetary policy. Now granted, Matthews’ remarks about Obamacare are really just a setup to the point he is really interested in making, that “quantitative easing” isn’t going to stimulate hiring the way Ben Bernanke seems to think it will. But even in doing so he reveals some amazing facts about Obamacare that even most of us probably didn’t know.
To highlight, Matthews quotes a Bloomberg article from last Friday:
IBM said it would analyze health-care spending, at no cost to the government, to hunt out fraud, Sam Palmisano, the company’s CEO, said at a conference in New York on Sept. 14. The White House wouldn’t sign on to the plan.
“We offered to do it for free to prove a point, and they turned us down,” Palmisano said. “Our recommendations weren’t aligned with the priorities of the administration. Their priority was not to reduce fraud and improve productivity. It was to increase coverage.”
Wow. Consider the point made, Mr. Palmisano. A pity nobody in the press outside of Bloomberg seems to have even the remotest interest.
Please read Matthews’ blog entry in full, it’s well worthwhile.
P.S. The Bloomberg article, too.