Wisconsin State Supreme Court will decide on physician's malpractice fund raid by the Wisconsin State legislature on Tuesday, July 20, 2010. The fund is paid by physicians to cover malpractice lawsuits. Of course, this is compulsory and a requirement to practice in Wisconsin. The effect of the $200 million transfer (theft) is increased malpractice insurance rates and the risk of having less funds available for payouts. The governor and legislature has supposedly used the funds to balance the state budget in 2007.
The notion of robbing Peter to pay Paul is nothing new in state financing. The state opted for creative financing and political expediency rather than act with any fiduciary restraint. If a private financial manager had control of such a fund, they would likely be bound by contract with the physicians to ensure that funds would be managed for its sole purpose -- paying out claims from malpractice lawsuits. Of course, this is the State we're talking about, so the notion of contract has no meaning. This "fund" is just another scheme to extract private property for a social good. Just that the "good" is a facade.
Yet another example of the State (and its power-hungry enablers) acting for its own sake and not the citizens it pretends to serve.
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