New Issue of The Commonwealth Magazine

The February/March 2011 issue of The Commonwealth magazine has been published and is appearing in members' mailboxes this week. Commonwealth Club members receive the magazine as a benefit of membership; they also get access to the digital edition of the magazine (via the weekly Club e-mail newsletter).

Here's a preview of this issue:

Cover story: U.S. Treasury Secretary Timothy Geithner: "The Recovery, Part II"
Author James Ellroy: "L.A. Story"
Arianna Huffington: "Middle-Class Dilemma"
AEI President Arthur Brooks: "Earned Success and Happiness"
Reza Aslan and a panel of Muslim artists: "Cultural Exchange"
CDC Director Thomas Frieden: "The Economic Imperative of Preventive Measures"
Historian Simon Winchester: "Tales of the Sea"
U.S. CTO Aneesh Chopra: "High-Tech Health Care"
Plus: Dr. Gloria C. Duffy on why "Wikileaker Is No Hero," an interview with Kiva.org President Premal Shah, former First Lady Rosalynn Carter on national mental health care policy, the Club's annual report, complete Club event listings, and more.

George Shultz and John Shoven: New Thinking on Health Care Reform

George Shultz and John Shoven presented their ideas for a reform of Social Security and health care in a featured program last night at The Commonwealth Club of California in San Francisco. Shultz, former U.S. Secretary of State and former Secretary of Labor, is a noted economist and chairs the Governor of California's Economic Advisory Board. He is co-author, with Shoven, of Putting Our House in Order: A Guide to Social Security and Health Care Reform. Shoven is a senior fellow at the Hoover Institute and the director of the Stanford Institute for Economic Policy Research.

Noting that the goals of health-care reform should include full coverage and would entail subsidy for people unable to get coverage on their own, Shultz then sought to explain their proposals for reforming these two gargantuan social programs and related industries.

The event, underwritten by Koret Foundation Funds, occurred just a few days after President Obama's Council of Economic Advisors chair, Christina Romer, spoke to The Club on the economic aspects of health-care reform. She argued that the costs of not reforming health care in this country would be enormous, but that the savings from doing it would improve the economy in many ways.

To see Shultz and Shoven discuss their ideas, watch this video of their Commonwealth Club event:

Christina Romer: Health Care Reform Is "Good Economic Policy"

Citing a series of benefits to the nation's businesses, public coffers and individual citizens, Christina Romer -- chair of President Obama's Council of Economic Advisors -- made the case for tackling health-care reform.

Romer, speaking Monday, June 8, 2009, at The Commonwealth Club of California in San Francisco, gave some backing to people who've been seeing some recovery from the nation's economic crisis, at least if one measures that by her workload. She said that in the first few months of her tenure in the Obama administration, she dealt with a number of crisis-related topics that were all in her professional comfort zone: banking, fiscal stimulus, recession. But after his first 100 days in office, Obama announced his intention to tackle health-care reform, which led Romer to come up to speed on health-care economics.

"I've gone from being a positive but somewhat passive advocate of health-care reform, to being a passionate advocate," she said of the experience.

She worked on a report that looked at the benefits and costs to the country of reforming -- or not reforming -- its health-care system. She said that by the year 2040, health-care expenditures could be as high as one-third of the nation's economy if the system isn't reformed. A failure to reform, she said, could result in stagnating take-home pay (as insurance premiums eat up an ever-larger share of income) and the number of uninsured could rise from an already-alarming 46 million to 72 million people.

But if the country can meet the president's goals of slowing the growth of health-care costs and expanding coverage to the uninsured, Romer said that significant amounts of money could be freed up for investment in other things, savings will increase (which could also result in lower interest rates), unemployment will drop, and and the inflation rate would be lower.

"Good health-care reform is good economic policy," she summarized.

You can read a copy of the report via a link on this post on the White House blog (yes, they have one, too). A critique of the report's approach from libertarian Michael Tanner of CATO Institute is here. Politico.com reports on the political give-and-take over the report.

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