How to Zero Out the Debt

J. Fife Symington III, the Republican governor of
Arizona, is so conservative that he has sought to abolish the state's Depart
ment of Education. But, poor fellow, he's broke, as the Economist recently
reported. When he was elected in 1991, Symington said he was worth $10 million.
Three months later, he claimed his net worth dropped to a negative $23 million.
These things happen. This past fall, in an unprecedented step for a sitting
governor, Symington filed for bank ruptcy protection under Chapter 7, which
allows him to stiff his creditors and get a fresh start in life.

This is how the system might work:You would

get your health insurance through a new, regional health insurance purchasing

cooperative. The purchasing cooperative, bargaining on behalf of large blocks

of subscribers, would contract with a variety of private health plans, including

health maintenance organizations (HMOs), preferred provider plans, and one

conventional free-choice-of-provider option. Each plan would have to offer a

standard, mainstream benefit package to every prospective enrollee. Once a year

the purchasing cooperative would ask you to choose among the health plans (or "networks,"