Most Americans aren't Medicare or Medicaid beneficiaries, but we're all affected by these programs. Medicare sets a price floor on all procedures covered by the

Most Americans aren't Medicare or Medicaid beneficiaries, but we're all affected by these programs. Medicare sets a price floor on all procedures covered by the program. Also, Medicare will not compensate providers for bad outcomes, but Medicaid is state-administered and usually just pays claims blindly. Entitlement arbitrage is bankrupting many states, but that's a whole other issue. IMO, we've created a multi-headed hydra, where the only winners are the mandarins who understand the arcane regulatory structure.