From Politico.com
I was also just listening to an insurance company representative who said that at present, insurance companies are required to have a minimum of 65% of their premiums used for medical services and the remaining 35% used for administration and money placed into their savings in case of emergencies.
After the passage of this bill however, the minimum amount will be increased to 85% used for medical services and the remaining 15% will be available for administration and money placed into their savings in case of emergencies.
Do you understand what that means? It means private insurance companies will not have enough money for their administrative costs and they will be put out of business which is exactly what the Obama administration wants!
Finally got the video:
Remember, the President stated "not just politically but economically it is better for us to start getting a system in place, a universal health care system signed into law by the end of my first term as president and build off that system to further... to make it more rational... By the way Canada did not start immediately with a single payer system. They had a similar transition step..." - on August 4, 2007
Here is that Video!
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