Against the Cartel

CONSIDER two fast-growing sectors of the U.S. economy that are in the political spotlight this year: health care and higher education. Both employ highly paid professionals and mix government and private money and institutions. Both are plagued by the inevitable consequences of third-party payment, such as wasteful consumption, burgeoning costs, and price inflation.

But there’s a big difference. On health care, John McCain distinguishes himself from Barack Obama and Hillary Clinton by offering a market-oriented agenda. On higher education, the candidates sound all too similar: All three express concerns that the current financial crunch will limit student access to subsidized loans. All three support more federal aid, on the promise that it will boost the U.S. economy. And all three are wrong.

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John Hood

John Hood is president of the John William Pope Foundation, a North Carolina-based grantmaker, and co-founder of Freedom Conservatism.

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CONSIDER two fast-growing sectors of the U.S. economy that are in the political spotlight this year: health care and higher education. Both employ highly paid professionals and mix government and private money and institutions. Both are plagued by the inevitable consequences of third-party payment, such as wasteful consumption, burgeoning costs, and price inflation.

But there’s a big difference. On health care, John McCain distinguishes himself from Barack Obama and Hillary Clinton by offering a market-oriented agenda. On higher education, the candidates sound all too similar: All three express concerns that the current financial crunch will limit student access to subsidized loans. All three support more federal aid, on the promise that it will boost the U.S. economy. And all three are wrong.