Word: system
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Over the past decade, though, reality took a detour from Philippon's theory. Corporate America's need for outside financing fell, but the financial sector refused to shrink; it pumped out ever riskier products until the system nearly collapsed. Why the refusal? Maybe the pay was too good. Philippon and the University of Virginia's Ariell Reshef have found that, starting in the mid-1980s, financial-sector paychecks began to outstrip those for jobs in other sectors demanding similar skills and education levels. Since the late 1990s, Philippon and Reshef estimate, 30% to 50% of financial-sector pay has amounted...
...when those who immodestly claimed to Know It All have Wiped Us Out. The problems we face are too fierce to accommodate arrogance. Humility leaves room for complexity, honors honest dissent, welcomes the outlandish idea that sweeps past ideology and feeds invention. We want to reimagine the health-care system, confront climate change, save our kids from a financial avalanche? The odds are much better if we come to the table assuming we don't already have all the answers...
...debate has progressed, the public option has become an ideological flash point, igniting fears on the right that it will be the precursor to a government-run system like Canada's and some European countries'. Which is the same reason that many on the left like the public option so much...
Over the course of the health-care debate, the public option has come to assume many shapes. And as politicians oversell it as either the destruction or the salvation of the American health-care system, they rarely bother to specify which of its many incarnations they are talking about...
...most liberal and far-reaching version, passed by two House committees, would tie the rates the public plan pays health-care providers to what Medicare reimburses. Given that Medicare reimbursement rates can be 30% lower than those paid by private insurers, such a system could be a powerful one at holding down costs and could save the Federal Government $110 billion over 10 years, according to the most recent estimates by the Congressional Budget Office (CBO). (The Federal Government's costs here would primarily be the subsidies it gives low- and middle-income people to help pay their premiums...