Bloomberg View, August 14, 2014

Here's a deal you might be interested in. You get $10 billion a year of taxpayers' money to do something you may well have done anyway. You don't need to say what you spend it on, or why. You can use it wisely or wastefully; the money keeps coming regardless. That's the nice arrangement the federal government grants U.S. hospitals when it comes to training doctors. The system for producing a physician works as follows: After four years of medical school, a new doctor gets a residency, almost always at a hospital. This lasts from three to seven years, depending on the specialty, and involves working with patients under the supervision and instruction of more senior doctors.
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