We need to trust the American people with their money, and trust they will innovate. Ironically, we discuss the subprime mortgage crisis not too long after this. This was an example of American innovation (the financial instruments created to facilitate these transactions and place the risks in the hands of ill-equipped investors), and it was an example of Americans using their money, in particular many Americans accepting money to purchase homes that they had no capacity to repay.
Health care was addressed. I’m sorry. Tax policy in regards to health care was addressed. The usual pablum about Health Savings Accounts was offered. There was also talk of extending income tax deduct-ability to health insurance premiums, so that independent contractors and such will have a lower burden. While I do agree with this particular policy in principle, most likely the ability to exclude the premiums from one’s income isn’t the reason for not having health insurance. For some they don’t take the insurance because they can’t afford it. For others they don’t take it because the seasonality of their income makes paying premiums difficult. For still others they don’t want to lose such a large amount of their income for a benefit they are unlikely to receive in their present circumstance. Others are indeed uninsurable. Regardless, the argument that tax policy will radically or even significantly change the present situation is I believe a stretch. We also had other pablum about not having the government choose your doctor or care. Compared to the choice between bankruptcy and care or a life of indigence and care, that argument becomes less and less persuasive, not to mention that none of the models put forward so far include the government choosing your doctor. It was at this point my wife went to bed.
It wasn’t all bad however. The President mentioned the immigration fiasco. He mentioned the need for a regulated border, which no one really disagrees. He also mentioned the need to find a way to accommodate those offering work with those seeking work through legal means so as to avoid this being accommodated through illegal means. This has been an area of bitter disagreement. He also reminded us that we need to address the issue of illegal immigrants presently in the country. For many of these immigrants, this should be a path to legalization. Like our president and our bishops, I believe resolving this issue is very important.
The President also discussed foreign policy. I regret having to admit that I really stopped paying attention to his pronouncements on foreign policy three years ago.
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