Political candidates often champion far-reaching reforms to control costs in U.S. health care, such as switching to a single-payer scheme, but the existing system is too vast and entrenched to change dramatically or abruptly. The realistic options are incremental steps toward more price regulation, or toward a functioning market.
Price regulation has the clearer path. It has appeal with some voters because it can seem painless, whereas market reforms, with less certain effects, are perceived as risky. Regulators can cap prices, and thus limit the financial exposure for consumers, with negative consequences that are less visible.
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