US pharma innovation buttresses global healthcare and finance. Single-payer implodes the system.

In the early days of the American automobile industry, consumers could buy a Model T in any color they wanted, so long as it was black. Such will be the "service and selection" to be expected in the United States if a single-payer system, where the government pays for all medical treatment, is implemented for health care.

A single-payer system will cause the health care sector to implode, with profound implications for Iowa, the United States and the world's economy.

Health care is the largest component of the American economy, about one-sixth of gross domestic product. Forcing the health care system in the United States, the best in the history of the world, to be socialized will have profound implications. The government will immediately be put in a position of having higher expenses and less revenues. With health insurance companies gone, so will the tens of billions in tax dollars paid to local, state, and federal government from these entities.

This will most certainly not be compensated for by reduced government spending. Rarely in history has a government program reduced spending, especially in health care.

In addition to wrecking the government budget, a single-payer system would destroy the stock, bond and commercial real estate markets. Insurance firms are major investors in the financial markets. Taking away the insurance companies would eviscerate the financial markets.

The same would happen with salaries for health care professionals such as doctors and nurses. Doctors in Canada, England and France make a fraction of those in America..

Opportunities in health care would be reduced, starting with the educational system. The United States has the finest system of higher education in the world. More than half of the top 100 universities in the world are in the United States. It is the same American dominance for medical device and other health care patents. International universities can't even begin to compete with the best in the United States in a holistic approach that encompasses undergraduate education, graduate schools, research facilities and athletics..

Foreign and business leaders from abroad come to the United States for medical care. Americans go overseas for cheap health care. Those who can afford it come to the USA for the best health care treatment. Which is preferable in medical services: the cheapest or the best? A lesson learned very quickly in life is that generally the best works out to be the least expensive, over the long term.

It is because of the superiority of the American health care system that single-payer systems still exist around the world. Without the United States outperforming the rest of the world in research and development, their medical systems would collapse. Single-payer systems around the world can survive only because they benefit from what the health care industry in the USA produces.