Senate Proceeding on Oct 22nd, 2009 :: 8:18:55 to 8:23:35
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8:18:43 to 8:19:04( Edit History Discussion )

Tom Udall: the presiding officer: without objection. a senator: mr. president? the presiding officer: the senator from new mexico. a senator: thank you, mr. president. in insurance companies -- i -- i first want to say to the presiding officer, and i know

8:18:55 to 8:23:35( Edit History Discussion )
Speech By: Tom Udall

8:19:05 to 8:19:25( Edit History Discussion )

Tom Udall: senator sherrod brown from ohio are going to be down here from the 6:00 to 7:00 period and i'm just starting out here in the first 10 minutes before 6:00 to talk a little bit about health care reform and this whole issue that many of us have been addressing on the floor. mr. udall: we did this several weeks ago.

8:19:26 to 8:19:46( Edit History Discussion )

Tom Udall: we did it last week and really what we're doing is talking about the whole issue of a public option it is to have a public the presiding officer from rhode island, senator whitehouse, has been down here with us. he has pointed out on a number

8:19:47 to 8:20:08( Edit History Discussion )

Tom Udall: of occasions how important it is to have a public option. one of the things i'd like to do today is talk a little bit about what these insurance companies doing and where they're coming from, where the insurance companies are coming from. insurance companies made a point of playing nice over the first couple of months of this reform process.

8:20:09 to 8:20:29( Edit History Discussion )

Tom Udall: but they reveal their true colors earlier this month when they released a series of bias misleading reports to scare people about the impact of refo the truth insurance companies aren't worried about how will impact consumers. far from it. what they're really worried

8:20:30 to 8:20:51( Edit History Discussion )

Tom Udall: about is the impact of reform on their profits. the insurance industry has shown where it really stands when it comes to health reform. and in the process they've given us we must have a robust public option included in the final legislation. a public option is one of the

8:20:52 to 8:21:14( Edit History Discussion )

Tom Udall: only ways still on the table to keep the insurance companies honest. it will allow us to restore competition back into the market and hold comnies accountable for their abusive practices. if you need further proof that insurance companies are putting profits above people, let's look at this chart and look at -- look at some of the -- some of

8:21:15 to 8:21:37( Edit History Discussion )

Tom Udall: the statistics and numbers here. over seven years publicly traded health insance companies saw a 428% increase in profits. the 10c.e.o.'s of those -- the

8:21:38 to 8:21:59( Edit History Discussion )

Tom Udall: 10 c.e.o.' made $118 million in 2007. that's why 47 million americans went without coverage and the emiums more than doubled over nine years, three times faster than wage increases. now, going here. insurance companies are

8:22:00 to 8:22:20( Edit History Discussion )

Tom Udall: of competion and want to protect most state markets. 94% of the insurance market is highly concentrated. in 21 states one dominates more than half of the market. in 39 states two carriers control more than half the market.

8:22:21 to 8:22:43( Edit History Discussion )

Tom Udall: this is the case in new mexico where two companies control 65% of the market. what does individuals and families in new nearly one in four americans under the age of 65, some 64 million people will spend

8:22:44 to 8:23:05( Edit History Discussion )

Tom Udall: more than 10% of their family income on health care in 2009. this means families often have to choose between paying health insurance premiums and putting food on the table. outrageous health insurance premiums are a heavy burden for working families already dealing with tight budgets.

8:23:06 to 8:23:27( Edit History Discussion )

Tom Udall: this can often lead t significant medical debt, bankruptcy, and home foreclosure. now i'd like to just talk a little bit about some of the new mexico families that have called me, that have written me, that have told incredible stories and i know the presiding officer has been down here, the good senator

8:23:28 to 8:23:35( Edit History Discussion )

Tom Udall: from rhode island, senator whitehouse, talking about his stories in rhode island. ande have -- we have the senator -- we have the senator