The Masters

The Masters is set to begin tomorrow on the hallowed grounds of Augusta National and I am filled with anticipation. The Masters is my favorite of the four majors and favorite golf tournament of the year. The legendary Bobby Jones and Cliff Roberts created a masterpiece of a golf course and passed on a rich tradition to the world of golf.

Though Tiger can claim the "Tiger Slam" by holding all four modern majors at the same time, Bobby Jones is still the only golfer to win all four golf majors in the same year. When he secured this Grand Slam, the tournaments he needed to win were the U.S. Open, U.S. Amateur, British Open and the British Amateur. While the four majors now are the Masters, U.S. Open, British Open and the PGA, the achievement is as remarkable as the man who accomplished it. He was a gentleman, scholar and sportsman - a role model if ever there was one.

He once wrote a letter about golf and what it means to him and to him it meant friendship. I'm paraphrasing, but the essence of the letter was to say that you can conduct business with a man on many occasions and never really know the man, but play a round of golf with him and you know him. Indeed, the unexpected happenings of golf reveal things about ourselves we perhaps did not know. It's in those moments of adversity or good fortune on the golf course that we learn about ourselves and those who surround us.

I've played many rounds of golf since I started playing about 15 years ago and I've been able to keep my handicap in the single digits for the last three years. I often suggest getting together on the course with people in my professional life who insist I wouldn't want to play with them - "you're too good to play with me" is what they say. While I understand the sentiment and it may well say more about their insecurities on the course than anything else - I find myself wondering if they've had a bad experience with another "good" golfer. If this is the case then I'm disappointed in my golfing brethren, because I've seen it firsthand.

I've known some men who don't want to play a round of golf with women or with anyone above a certain handicap. It's an unfortunate reality. I, on the other hand, welcome those opportunities and enjoy getting to know someone through a game simultaneously loved and loathed (often during the same round) by so many in the world - many without the plumbing I have or ability to play the game as well.

So tomorrow begins the Masters and I will be rooting for Phil Mickleson as I always do, but I will take a moment and remember those experiences that have allowed me to get a glimpse of who my friends are and look forward to meeting new ones. Bobby Jones was right. In the end, its often not the game itself we love, its the friendships we build and nourish from having played it.

Mount Everest?

A few nights ago, I was sitting in our television room watching some news coverage about health care and my eldest daughter, Kirsten, joined me. As we were watching the discussion unfold there was a reference to socialized medicine. Confused about the term, Kirsten asked me what it meant.

I told her that socialized medicine is when the government takes over the health care system and ultimately decides what kind of treatment we can have as well as what doctors we can see and when. She asked if I liked socialized medicine and I told her that no, Daddy doesn't like the idea of socialized medicine, because other countries have tried it and it never quite works out the way they think it will. No, Daddy prefers to pay for our own health care so we can continue to see the doctors we want to and decide for ourselves the best treatments for our conditions.

Kirsten considered the answer and decided at that moment that she too is against socialized medicine for one reason. She said, "Daddy, it's like paying a bunch of money to climb Mount Everest to get a treasure, and the treasure isn't there." A very astute 7 year old has figured out what grown men and women in our government's highest positions haven't yet learned - you have to know the treasure is real and worth the cost before you waste money looking for it.

Tiger is Back

It's official. Tiger Woods returns to competitive golf next week at the Accenture Match Play Championship in Arizona. It's a good thing too, because if you think our economy is going through a slump not seen since the Great Depression, the PGA has been full-scale depressed since Tiger limped away with the U.S. Open Championship last year.

Even I have a hard time watching golf when Tiger's not playing and I rarely if ever root for him to win. You see, my wife is a Padraig Harrington fan, which I think has more to do with his heritage and leprachaun voice than his golf. My daughters are through and through Tiger fans - jump on the bandwagon girls. I'm a Phil Fan, but Ol' Lefty often leaves his fans feeling the way you do two hours after eating chinese food - unsatisfied.

Ratings have been down precipitously for the PGA this year and they've been waiting patiently for their rainmaker to arrive back on the scene. As the old swashbuckling pro Walter Hagen supposedly told his on course nemesis Bobby Jones, "Win or lose kid, you were always the news." So it is with Tiger - he's always the news.

Most fans of golf, and PGA professionals for that matter, are in awe of Tiger whether they realize it or not - whether they admit it or not. And even us fans who want to see the field step up to him tune in to see if it will happen week after week. Now our attention will be on Tiger's return after eight months off the Tour.

The choice of returning for the match play event makes sense. Tiger relishes match play, because he is the most intimidating figure in golf and that is a big edge in this format. Yet, it is also a gamble, because match play is notoriously unpredictable. As a Phil Fan, I'll be on the edge of my seat during the first round hoping against hope that his slice doesn't come back - idiot. Hey, he said it himself, not me. Who am I to question his judgement?

Whatever the outcome, I'm glad he's coming back, because he is the greatest golfer in the world - ever. What I'm not looking forward to is the fawning and gratuitous coverage of everything Tiger next week. I'm afraid the on-course announcers are going to fall over themselves and disrupt the tournament to be near him - in His presence. If you're planning on watching next week, keep a bucket near your barca-lounger - you'll probably need it.

"People Try to Put Us Down.."

I heard the question posed on one of the talk shows this morning and it was only a matter of time before it was asked - will our kids be able to expect to have a better life than we do? Is the American dream for all intents and purposes dead?

Whenever our economy is shaken to the extent is has been recently, there are those among us who are ready and willing to write America off and say her best days are behind her. President Carter himself fell victim to this type of naysaying and defeatism by telling us we need to start doing with less.

One of my favorite personal stories about intergenerational theft happened in 1998. I was attending a Trauger family reunion in Bucks County, PA. I was standing with my father, grandfather and his brother. Seizing upon a moment to ask a young Senate staffer a question, my grandfather's brother asked, "why is the federal government stealing my social security money?"

I responded that it was quite simple, his generation has been in power, my father's generation bitched and moaned for it, they gave it to them and my generation will have to pay for it. The discussion ended right there. I'm not sure my grandfather or his brother expected or appreciated such a broadside from me, but I believed it then and I believe it now.

Which brings us to today. What many people don't realize is the extent to which the federal government has gone into debt in the last six months to deal with the current situation. Nearly ten trillion dollars will be, has been, or could be spent to get us out of the hole we're in. Again, my generation and those that follow will be expected to pick up the tab when it comes due.

Unfortunately, this only reflects what's happened in the last six months. We still have major structural issues with our federal budget that set us up for nearly $60 trillion in unfunded liabilities for things such as Medicare and Social Security. What's different about that situation is the Baby Boom generation may actually have to help pay a portion of the bill by reducing their benefits - and they should.

Do I believe my daughters should expect to live a less fulfilled or comfortable life than I have? Do I believe the American dream is dead? Absolutley not. I have faith in the American people, the American spirit and American ingenuity to overcome these problems. I'm sure most living through the 1930's and late 1970's had their faith shaken and may have started to believe their children would never be able to make a better life for themselves, but they did. So it will be with the next generation. That is the hope and change we can believe in.

The Post-Partisan Era

Upon President Obama's election, America was promised he would usher in an era of post-partisanship. It shouldn't be a surprise that this was about as realistic as a world in which unicorns, flying monkeys and dragons live in peace and harmony.

I am not necessarily shocked or disappointed, but I think maybe I wanted to be. Even the most cynical of us have those fleeting moments when we get stuck in that moment and believe, however briefly - 'it is going to be different this time.' I had that feeling when I heard Obama speak on election night and from time-to-time as he went about the business of his transition - until he chose Rahm Emanuel as his chief of staff. At that point, there wasn't any doubt in my mind it wouldn't be any different than it has been in the past.

It couldn't be, it's not and I'm not sure I ever want it to be if what the American people get out of it is $1.2 trillion legislation that appears to do more for mice than man.

The Junior Partner

Former Majority Leader Dick Armey had a plethora of quips, axioms and country song lyrics he used to conjur up at the appropriate times to describe or properly illustrate situations. One such axiom was, "If you make a deal with the devil, there's no question who the junior partner is."

This is true even if we change it a little to reflect something going on today. Which is to say, "If you make a deal with the government, there's no question who the junior partner is." An example of this is the limiting of executive pay for those companies receiving TARP funds. While it is pleasing to the ear, makes us feel good and appeals to our populist bent, it's also stupid.

Now, let me get something straight right away, I've never made $500,000 in one year and to most Americans it sounds like a heck of a paycheck if you can get it. I also make no excuses for the lack of leadership or backbone some executives have shown in running their companies. Yet, there is something to be said about the pressures executives are under from members of their board and shareholders to keep up with the next guy. Problem is, one of the next guys was Bernie Madoff and we found out how he rolled.

This isn't to excuse bad behavior. My parents always told me two wrongs don't make it right. My Dad also used to tell me that sometimes, "it's good enough for government work." This, from a guy who never worked for the government in his life. Thing is, senior executives in major corporations in the U.S. can not be satisfied with good enough for the government - they'd be run out on a rail by their boards and shareholders. In the end, I don't excuse the behavior, but I understand the pressure to perform.

The fact is, much of what is happening to our economy right now is and was beyond their control, but we as Americans want someone to blame. So executives are being forced to give up a sizeable portion of their income and slip on the yoke of government.

The question I have is, what about the government regulators or members of Congress who failed in their duty to oversee financial or housing markets? What about the legislators who admonished those looking into Fannie Mae and Freddie Mac to make sure they weren't making too many bad loans? Even with clear warnings as to what the problems were, they still failed to act - or worse, they refused to act. What yoke will they be forced to wear? Will they lose their jobs or be forced to sacrifice a significant amount of their income as well?

Nope. They are the senior partner, and they got a raise this year.

Supply-Side Health Care

Contained in the soon to be passed economic stimulus package is a provision creating a council which will make decisions and recommendations on the health care we receive. This is in the name of controlling the growth of health care spending.

The Federal Coordinating Council for Comparative Effectiveness and Research aims to compare outcomes, effectiveness and appropriateness of items, services and procedures used to prevent, diagnose or treat diseases, disorders and other health care conditions. While this sounds like a good idea on the surface, there is something lurking beneath.

Most of us are familiar with the notion of supply-side economics. Simply put, supply-side economics is the theory that we should advance policies that raise capital and labor output by increasing the incentive to produce. I contend there is a stronger and more organic supply-side force in health care. When pharmaceutical, device and biologics companies develop new treatments there is a natural tendency for us as consumers to want those innovative treatments regardless of whether there is an existing technology that is just as good.

Instead of encouraging the incentives to production, measures such as the Federal Coordinating Council threaten to choke off the supply of health care by managing the doctors you can see, the prescriptions they can write or the devices they can use to treat your condition. In my opinion, this is backwards. We need to encourage the discovery of new treatments and technologies, but this does not often happen with "blockbuster" drugs or devices. More often, it is an incremental advance and should be recognized as valuable, not dismissed as insignificant.

A more effective approach to controlling the cost of health care is to impact the demand side of the equation. A good example is what happens to health care treatments not covered by our health insurance - cosmetic surgery.

Because cosmetic surgery is rarely covered by health insurace, it is virtually the only sector of health care in this country where cost declines over time. The same is true of the eyesight correction procedures such as lasik. We pay for these procedures out of our own pockets so we are much more sensitive to the price. Are we sensitive to the price of a CT scan or X-ray? Does anyone really know how much these cost even after having one? Probably not.

In the end, let's focus our attention on where it ought to be - ourselves. I believe overutilization of health care in our country is the primary cause of increased costs to the system whether we pressure our doctors to perform tests or procedures or they are practicing defensive medicine to prevent a lawsuit. Only by being savvy consumers of health care can we have a significant impact on bending the growth curve of health care costs in our country.