Living in Washington, DC, I can not help but notice that many interest groups are up in arms about the debt ceiling debate (or more aptly, brinksmanship) going on between the Congress and the President.
AARP is running a full-length TV ad that carries a stern warning to politicians: hands off Social Security and Medicare, or else.
The energy lobby has a radio ad that direly warns: raising taxes on them would cost 100,000 American jobs.
There are numerous other interest groups making their views known on the air waves. What’s missing, since I pay particular attention to that, is the voice of physicians.
It’s not like the debt ceiling has nothing to do with physicians.
If Congress fails to act and the US Treasury runs out of money, they will have to stop paying some bills. Here are their options:
- Stop paying interest on Treasuries: this would ruin the US credit rating once and for all.
- Stop issuing Social Security checks: this would ferment a senior revolt.
- Stop paying the military: you can imagine the impact of that.
- Stop reimbursing doctors.
Whichever way you look at it, #4 seems like the easiest option politically. If you are Tim Geithner, what would you do?
Physicians are caught between a rock and a hard place. Even if Congress and the President eventually come to an agreement, the final (debt reduction) arrangement will almost surely include some Medicare cuts, which means lower reimbursements for physicians.
In fact, there is no other profession that will be affected more by the debate going on in Washington now. That’s what puzzles me: why are physicians so quiet?
American politics is all about give and take. The louder your voice, the more you get to take. Compared to lawyers, the insurance industry, and even seniors, time and time again physicians have failed to make their voices heard. No wonder their interests get sacrificed in every political turn of events.
Michael Zhuang is founder of MZ Capital, an independent wealth management practice specializing in helping physicians achieve financial freedom.
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