Okay, so in typical US of American fashion, we are now flopping around like a walrus on the seashore finally heading in the direction of getting our fiscal house in order. This is also how we will eventually get around to climate change, though we will be too late on that one and the walruses will be extinct. But fiscal matters today.

Finally we are starting to understand that health care costs are one of the two drivers of the problem (the legendary Bush Tax Cuts being the other). If you want to see what that health care part looks like, check out this graph.

Americans have been spending way more than everyone without noticeably better outcomes. It’s the medical equivalent of our bright idea to buy SUVs to drive to the gas station.

We’re still at the stage where everybody wants to pretend the solution is “caps.” One way to think of “caps” is like “cap guns.” They look real from a distance and make noise, but never quite impact the “targets.” The other way to think of them is they work about as well as fighting mortality by putting a “cap” on the number of people allowed to die each year. Eventually we will see that some of the genuine cost solutions show up, in preliminary form, in........Obamacare! The walrus may land on that and crush it before seeing it, though.