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      A lot of mistakes come from assuming rationality means “thinks the same way I do” rather than “reasons from premises I might not share.” Left than 1/1000 economists predicted the financial collapse, because they reasoned from assumptions like “the market is self-correcting” or “housing prices never go down.” (Sometimes both at the same time, which is rarely […]
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Friday Morning: What’s Happening?

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Good morning everyone! These are the news stories that caught my eye this morning. Be sure to add your own links in the comments.

The All-Encompassing Health Care Nightmare

Boston Globe: Democrats oppose tax in health bill

To pay for the 10-year, $856 billion bill Baucus wants to tax high-value insurance plans, those worth $21,000 for a family and $8,000 for an individual. The Montana Democrat says those are “Cadillac plans’’ enjoyed by a small minority of Americans. Aides said about 10 percent of plans and 8 percent of taxpayers could be affected.

The tax, which President Obama embraced in his speech to Congress last week, is a major source of revenue for Baucus’s bill, bringing in an estimated $215 billion over 10 years. Baucus and other supporters of the measure say it would help drive down health care costs over the long term by encouraging companies to move toward less expensive health plans and workers to use less care.

But other Democratic senators fear that the tax would reach deep into middle-class pocketbooks, and labor unions are upset. Senators John F. Kerry of Massachusetts and Jay Rockefeller of West Virginia, members of the Finance Committee, say they want to limit the tax before signing off on the bill.

“We need to make it fairer to working people so that working folks don’t get dragged into this at a level where they just don’t have the incomes to support it,’’ Kerry told reporters after a closed-door committee meeting to discuss the bill.

Insurers and business groups also oppose the new tax and other fees in the bill, and the US Chamber of Commerce is wasting no time making its objections known.

New York Times: Rockefeller stands up for liberals on health care

All summer, the White House deferred to Senator Max Baucus, the Democrat from Montana who heads the Senate Finance Committee, as he negotiated with two moderate Democrats and three Republicans. Their failure to agree on a bipartisan bill left the administration scrambling to pass an overhaul with Democratic votes alone.

And that has emboldened liberals like the 72-year-old Mr. Rockefeller, a West Virginia Democrat. He heads the health subcommittee of Mr. Baucus’s panel, and yet he was relegated to the sidelines as the so-called Gang of Six talked and talked. Senate liberals are now pushing for an overhaul fully on Democratic terms — legislation more like that in the House, where liberal Democrats dominate.

Washington Post: Affordability Is Major Challenge for Reform

How to make insurance more affordable to the estimated 30 million uninsured people who would be required to buy coverage under the Baucus proposal is emerging as a central challenge as the long-awaited plan advances to full committee debate Tuesday. Democrats and Republicans alike worry that a bill intended to address one source of financial hardship — the skyrocketing cost of health care — could lead to another, in the form of hefty premiums.

“It’s very clear that the driving issue of this debate is affordability, particularly for middle-class folks. And the Democratic caucus is very much committed to getting this issue right,” said Sen. Ron Wyden (D-Ore.), a Finance Committee member who said he will offer amendments next week in an effort to improve affordability and choice.

Some Senate Democrats, along with a key moderate Republican, Sen. Olympia J. Snowe (Maine), are now discussing ways to increase assistance for individuals and families who could face premium costs of up to $15,000 per year by 2016. Sen. Charles E. Grassley (Iowa), the ranking Republican on Baucus’s committee, is suggesting government assistance to insurance companies to help them control premium costs. And lawmakers in both parties are questioning whether Baucus’s main revenue source, an excise tax on insurance companies for their most generous insurance policies, would simply be passed on to consumers.

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