Two years ago this month, as public debate over Obamacare raged, former president Bill Clinton rushed to the hospital because of a heart condition. He immediately underwent a procedure to place two stents in one of his coronary arteries. It was a timely reminder about the dangers of stifling private-sector medical innovation. No one listened.
Stents don’t grow on trees. They were not created, developed, marketed, or sold by government bureaucrats and lawmakers. One of the nation’s top stent manufacturers, Boston Scientific, warned at the time that Obamacare’s punitive medical-device tax would lead to worker losses and research cuts. The 2.3 percent excise tax, the company said, “would be very damaging to Boston Scientific, and the medical device industry as a whole. In a nutshell, it would raise costs and lead to significant job losses. It does not address the quality of care but the political scorecard of savings.”
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