November 24, 2017

Move Over Obama, Trump Has a Pen, a Phone… and a Tweet

U.S. President Donald Trump, flanked by Senior Advisor Jared Kushner (standing, L-R), Vice President Mike Pence and Staff Secretary Rob Porter welcomes reporters into the Oval Office for him to sign his first executive orders at the White House in Washington, U.S. January 20, 2017. REUTERS/Jonathan Ernst TPX IMAGES OF THE DAY

President Trump spent the weekend embroiled in yet another Twitter skirmish, this time with retiring Republican Senator Bob Corker. Trump may even have suffered a rare defeat on his own turf, based on Corker’s hilarious rejoinder about someone missing their daycare shift at the White House. If Trump has a soul, even he laughed at that one.

But many blame this kind of drama as a major contributing reason to Trump “not getting anything done” so far during the first year of his presidency. Even those on the blood-in-their-eyes, Trump-hating left make this criticism. One would think they’d be glad he’s not getting anything done, but apparently, a government not doing anything is even worse for them than one doing things they don’t like.

If only “not getting anything done” were true. The Pentagon goes on waging war, uninterrupted by elections, supposed gridlock, or even “government shutdowns.” War has become the normal state, with “an act of Congress” required to stop it, rather than start it.

Domestically, all of Washington’s unconstitutional regulatory agencies have hummed along without pause. The FDA is still driving up prescription drug prices by keeping thousands of generics off the market. The TSA is still violating the 4th Amendment millions of times per day while virtually never discovering dangerous items brought on board, even during their own tests. And the Social Security Administration goes on cutting checks as if it didn’t have tens of trillions in unfunded liabilities.

Read the rest at Foundation for Economic Education…

Tom Mullen is the author of Where Do Conservatives and Liberals Come From? And What Ever Happened to Life, Liberty and the Pursuit of Happiness? Part One and A Return to Common Sense: Reawakening Liberty in the Inhabitants of America.

The Culture of Entitlement in Medicine

medicare-logoSenator Rand Paul has introduced an alternative bill to what he calls, “Obamacare Lite,” a.k.a. the American Health Care Act, introduced by House Speaker Paul Ryan. Paul’s criticism of Ryan’s bill was mild compared to Rep. Thomas Massie’s. Massie called Ryan’s bill a “stinking pile of garbage.”

While Paul’s plan is more free-market oriented than Ryan’s, no plan is addressing the one elephant in the room that must be slain before anything resembling a free market in health care can emerge: entitlements.

While Medicare and Medicaid’s effect on the federal budget is generally acknowledged, seldom mentioned is the percentage of overall health care spending that is tax-subsidized and the effect that has on prices. A study by the Georgia Institute of Technology found that of over $2.5 trillion in total U.S. health care spending in 2014, Medicare, Medicaid and “Other Public Insurance” accounted for 44% of it. By comparison, spending by private insurance companies accounted for only 33%, with out-of-pocket spending a mere 13%. Most of the remaining 10% was attributed to “other payers.”

In other words, almost half of all health care purchases in the United States occur free from the two strongest price-limiting market forces: the freedom not to purchase and finite demand.

Yes, the patients have a choice of which medical services they utilize. But they don’t buy them; taxpayers do. And the taxpayers don’t have a choice. And “demand” means not only the desire, but the ability to purchase a product at a given price. I may want to purchase a Rolls Royce. But if I don’t have enough money, I don’t represent demand for a Rolls Royce.

Price is determined by the intersection of supply and demand. By adding over $1 trillion to total funds available for health care spending, government health care programs significantly increase demand. When demand significantly increases, supply and other factors being equal, prices go up. It’s Economics 101.

If half of all automobiles were purchased by government programs, the price of automobiles would behave just as health care prices do now. And politicians and other “experts” would be wringing their hands over how to solve the automobile crisis and ensure everyone has the opportunity to exercise their fundamental right to drive to work.

Anyone who points out these rather uncontroversial economic realities can expect to be answered with, “What? You want to let my grandmother just die because she can’t afford health care? Do you believe only rich people should be treated for sickness and injuries and everyone else should just be left to suffer?”

Invariably, opponents of these programs take the bait and respond as if government health care programs were solely entitlements for consumers. They’re not. They’re much more entitlements for providers, who believe they are entitled to fees their markets won’t bear.

Having worked in a past life with physicians, hospitals and other providers for over a decade, I had a unique opportunity to understand their thinking (Disclosure: much of this time was spent in management positions at two of those “evil” HMOs). And while there are many exceptions to what I’m about to say, there are two things I found to be true about most physicians. One, they are among the most generous and compassionate people in society. Two, they share academia’s absolute contempt for the free market.

This results in a kind of Jekyll/Hyde aspect to their approach to reimbursement. On one hand, a physician who encounters a patient with no verifiable ability to pay will nevertheless care for that patient, if the need is serious, without hesitation. Physicians and hospitals provide a considerable amount of care every year for which they are not paid, without complaint.

Yet the moment there is a payment avenue, that same physician suddenly loses not only his compassion, but all connection with reality. Many were the times when a physician would say to me words to the effect of, “I’m entitled to higher compensation in return for the years of training I completed and the money I spent acquiring it.”

No, doc, you’re not. It is true that your skills are scarce and will fetch a higher price on the market than skills less scarce. But you’re only entitled to what others have agreed to pay you, like everybody else.

This culture of entitlement extends throughout the health care industry. How many times have you spoken with the billing manager for a hospital or medical practice who makes some form of this passive-aggressive complaint: “Our billed charges for this procedure are $835.00, but your insurance only pays $520.”

I’ve taken to responding, “Yes, I know how you feel. My billed charges to my employer are $1,000.00 per hour, but my paycheck is only for what he agreed to pay me.”

I’m not suggesting physicians’ salaries necessarily must be cut to restore price reality to medicine. A free market may give them a haircut; it may not. But there are many costs other than the physician’s salary in delivering health care  and there is no real pressure on improving efficiency in any of them.

As just one example, think about how many times you provide your health insurance information to your doctor’s office. They get it from you on the phone before even agreeing to make an appointment. Then, you have to write it on a paper form when you get to the office, sometimes more than once, on more than one form. Why? They’ve already captured that info on the phone. It’s in their billing system. Who’s reading, filing and otherwise processing the paper form(s) and why?

Many medical practices run the way they did in the 1950s for one reason: they don’t have to change. Half their revenues are guaranteed, at any price, by a customer base that can’t say no. Grocery stores, which provide products far more vital to human survival than medical care, operate on razor thin margins. Their prices behave normally, when adjusted for inflation. No one seems curious about why that is.

From time to time, proposals are made to try to phase out Medicare and Medicaid, the assumption being that there can be no major market disruption. That’s just another manifestation of the strange notion that medical care is in some sacred and holy category that more important goods and services don’t occupy.

While there are plenty of government interventions on the supply side that artificially inflate health care prices, the most effective way to normalize pricing would be to abolish Medicare and Medicaid tomorrow. That would cut demand for those services immediately by over $1 trillion per year. With a significant decrease in demand comes a significant decrease in prices.

And guess what? There would still be doctors, hospitals, pharmaceutical companies and other providers who want and need to deliver care and make profits. Only they’d have to adjust their business models to deliver their products at prices their customers could afford. This may sound scary, but industries have demonstrated their resilience to disruption over and over throughout history. And we’re talking about one composed of people at the far right of the bell curve. All experience says the turmoil would be far briefer and less harmful than the hysterical predictions we can expect from those benefiting from the current system.

Abolishing these programs won’t cut off granny. It will cut off McKesson, Merck and a lot of very wealthy physicians (who’d still be wealthy afterwards) from the government till. We’d all be treated much more like customers by the people whose medical services we purchase and health insurance premiums would plummet.

Proposals like Senator Paul’s will produce positive results on the margin, but until the entitlements are abolished, they won’t succeed in restoring normalcy to the health care market.

Tom Mullen is the author of Where Do Conservatives and Liberals Come From? And What Ever Happened to Life, Liberty and the Pursuit of Happiness? Part One and A Return to Common Sense: Reawakening Liberty in the Inhabitants of America.

What if school shootings are caused by drugs instead of guns?

adderallWhat if the entire schooling paradigm of having children sit at desks for 8 hours is especially unnatural for boys?

What if schools have been decreasing opportunities to release pent up energy and making boys even more repressed while participating in this compulsory institution?

What if society has responded over the past several decades by inventing new pseudo-diseases like “ADHD” to describe normal, boyish behavior and then recommended treatment of these non-diseases with psychotropic drugs whose known side effects are homicidal and suicidal thoughts?

What if these drugs succeed in keeping boys at their desks but for a small percentage result in them flipping out and acting on the homicidal and suicidal thoughts caused by the pills they are taking?

What if 100% of the mass shooters over the past twenty years were taking psychotropic drugs?

What if this convergence of compulsory schooling, decreased opportunity to release energy, and treatment of normal boyish behavior with dangerous drugs is the real reason school shootings are occurring more frequently?

What if there used to be far more guns in school than there are today, but far less drugged children, and that is the reason there were far less mass shootings?

Why is no one in the media asking these questions?

Tom Mullen is the author of Where Do Conservatives and Liberals Come From? And What Ever Happened to Life, Liberty and the Pursuit of Happiness? Part One and A Return to Common Sense: Reawakening Liberty in the Inhabitants of America.

It’s not affordable and Obama doesn’t care

Obama_desk_s640x427TAMPA, January 3, 2014 – Two days ago, Americans rang in the first New Year in its history in which they were required to buy a private company’s product, regardless of their wishes. Predictably, the bloom was already off the rose, even for supporters of this debacle.

The reality that the Affordable Care Act will make insurance premiums go up and eliminate existing health plans whether members liked them or not had already set in. As for those 45 million uninsured we heard so much about four years ago, 44 million of them presumably remain uninsured under the ACA. That the website can’t handle the traffic is likely providing cover for millions of Americans who just aren’t interested in complying.

The lion’s share of blame has been focused on President Obama, but that is really counterproductive. Despite his name being forever attached to “Obamacare,” Obama really had little to do with creating it. He didn’t write the bill. He probably hasn’t even read it.

President Obama’s role in Obamacare was to use the “bully pulpit” of the Oval Office to pitch a tired, old and previously rejected idea that suddenly had new life because of a financial crisis that was largely blamed on the Republican Party, fairly or not.

So where did it come from? The snap answer would be Democrats, who passed the bill without a single Republican vote. That’s good politics for the Republicans, but only because Americans have an extremely short memory.

Even Romneycare in Massachusetts was not the genesis of Obamacare. The individual mandate, subsidies for low income earners and most other attributes of Obamacare were all part of the Health Equity and Access Reform Today Act of 1993, introduced by Republican U.S. Senator John Conyers and supported by fellow Republicans Orrin Hatch, Chuck Grassley, Bob Bennet and Kit Bond, among others.

Bennet would go on in 2007 to join Democrat Ron Wyden in introducing the Healthy Americans Act, which also featured an individual mandate and “State Help Agencies,” now called “health care exchanges” or “health care marketplaces.”

That Republicans used to introduce this horrible program as an alternative to the even worse single payer proposal by Democrats is no excuse. It is precisely the tyrannical, economically obtuse and grossly unfair program that Republicans have described it as for the past four years – after promoting it for the previous twenty.

It goes to show that given a long enough stay in Washington, D.C., anyone will begin to see govenrment as the only answer to any problem, most of which are created by government in the first place.

More importantly, debacles like Obamacare are rarely the result of presidential elections. Presidents like FDR, LBJ and Obama merely become the face associated with laws that finally pass after resistance has been worn down over decades.

James Madison’s words from the Federalist are instructive:

“But in a representative republic, where the executive magistracy is carefully limited; both in the extent and the duration of its power; and where the legislative power is exercised by an assembly, which is inspired, by a supposed influence over the people, with an intrepid confidence in its own strength; which is sufficiently numerous to feel all the passions which actuate a multitude, yet not so numerous as to be incapable of pursuing the objects of its passions, by means which reason prescribes; it is against the enterprising ambition of this department that the people ought to indulge all their jealousy and exhaust all their precautions.”

Despite the many usurpations of power by the executive branch, it is still “the enterprising ambition” of Congress that causes most of the misery government continues to spread. Given enough time, they will impose their boondoggles, no matter how unwise and unpopular they are.

There are over 100 members of the House of Representatives that have sat in those seats since at least the 1990’s. There are almost 30 members of similar longevity in the Senate.

Who knows what they’ll drag out of the dustbin next? It’s time for voters to do a little sweeping of their own. The letters after representatives’ names should make little difference.

Tom Mullen is the author of A Return to Common Sense: Reawakening Liberty in the Inhabitants of America.

Obama violates oath of office with insurance letter

Obama-meets-with-insurance-company-execs_s640x427TAMPA, November 17, 2013 – In a desperate attempt to diffuse criticism of his administration over the Affordable Care Act (“Obamacare”), President Obama has once again broken new constitutional ground.

In a letter dated November 14, Director of the Center for Consumer Information and Insurance Oversight Gary Cohen informed state insurance commissioners that insurance policies rendered illegal by the legislation “will not be considered to be out of compliance with the market reforms specified below under the conditions specified below.”

The president has just violated his oath of office. No investigation is necessary. He’s put it in writing.

Read the rest of the article at Communities@ Washington Times…

Why a free market would work for health care

Doctor_655362410569_AP-676x450 (640x426) (2)TAMPA, October 26, 2013 – Conservatives are confused again, rejoicing in Obamacare’s early operational struggles. One would think that their only objection to the legislation has been that the Democrats wouldn’t run it efficiently. Maybe it was. After all, the Republicans ran a candidate against Obama that had implemented virtually the same program in Massachusetts, promising only to “repeal and replace.”

Replace?

Jon Stewart took the opportunity to join conservatives in criticizing the government’s performance during his interview with Kathleen Sebelius because he knew it wasn’t a principled argument. That the government didn’t have its website ready to handle the volume doesn’t address the principle of Obamacare.

This wrongheaded criticism by conservatives allowed Stewart to join in and appear to viewers as if he were being objective, while at the same time delivering the message that Democrats ultimately want Americans to accept: that “a market-based solution doesn’t work for health care.”

First, it is important to define “free market.” When attempting to do so, both conservatives and liberals tend to focus on competition, private ownership of the means of production and the profit motive. These are actually results of the free market, not defining characteristics.

The free market has only one defining characteristic: that all exchanges of property occur by mutual, voluntary consent. Period.

That the means of production are privately owned is a result of this, as no government acquisition of anything occurs by voluntary consent. Competition, too, occurs because customers are free to choose which products they buy or whether they buy at all. This motivates producers to make their products more attractive in quality, price or both. They are also motivated to operate at a profit, both for their own enrichment and in order to survive. Losing money eventually results in the dissolution of the firm.

Applying the definition, a free market in healthcare means simply that all exchanges of property, including the labor of doctors, occurs by mutual, voluntary consent. There is only one alternative to this: coercion. If all participants are not acting by voluntary consent, then some or all are being forced to make exchanges under the threat of violence if they don’t.

Anyone who doubts this should simply withhold the Medicare portion of his tax payments and see what happens next.

Stewart made a familiar argument that is compelling on its face. The free market doesn’t work for health care because patients in need of treatment are often not in a position to make choices the way they do when buying shoes or automobiles. Patients may be picked up in an ambulance delirious or even unconscious. It is unreasonable to assume those patients can make rational decisions about which hospitals they are taken to, which providers treat them or what treatments are administered to them.

Granted, but here’s the rub. Their situation is worthy of compassion, but it does not give them the right to force others to do their bidding. They have every right to ask for help, but not demand it. Their misfortune may not be their fault, but bad luck does not grant them a legal claim on the property of others. Nor does it give them the right to dictate the terms under which an exchange of property is to take place. That exchange either happens by mutual, voluntary consent or freedom is annihilated.

The same argument applies to those who simply cannot afford to purchase health care. Again, many find themselves in this position through no fault of their own. That doesn’t give them the right to use force on innocent third parties.

American governments were once constituted with the assumption that the government’s role was to ensure a free market. As John Locke said in his famous treatise, “The great and chief end, therefore, of men’s uniting into commonwealths, and putting themselves under government, is the preservation of their property.”

It is no accident that Thomas Jefferson had a resolution passed in Virginia declaring that Locke’s treatise was the basis for American liberty.

However, the argument against Obamacare is not just a moral but a utilitarian one. There are cause and effect relationships between the manner in which exchanges are made and the affordability of products. When all exchanges are voluntary, supply expands, prices fall, and wealth is distributed widely. That’s why real wages rose so dramatically during the 19th century, contrary to leftist myths.

When exchanges are involuntary, these cause and effect relationships are disrupted. It is no accident that the most heavily regulated and subsidized industries, like education and health care, are the most disproportionately expensive. Heavy regulation artificially limits supply. Forced subsidies artificially expand demand. Both interventions make prices go up. It’s simple economics.

The health care market suffered from both interventions long before Obamacare. Medicare and Medicaid alone make up about a third of all health care spending. Regulation regarding who can dispense care makes medieval guilds look liberal. It’s no mystery why the price of health care is outrageously high.

If the Republican Party is to remain relevant at all, it has to stand for something other than myopic cheap shots over inconsequential issues like the Obamacare website. It has to stand for freedom. If not, it’s time for it to step aside, as its forbears the Whig and Federalist parties did. There just might be a party waiting in the wings that more faithfully represents voters who truly want a more limited government.

Tom Mullen is the author of A Return to Common Sense: Reawakening Liberty in the Inhabitants of America.

 

More anti-libertarian nonsense: Libertarians are heartless

TAMPA, March 28, 2013 – This week’s anti-libertarian nonsense is “libertarians are heartless.”

There are many variations on this theme. Libertarians oppose government-run education so they must not want poor people to get an education. They oppose government-run healthcare so they must want poor, sick people to die. They oppose government-subsidized housing so they must want poor people to be homeless, too (if they aren’t already). Libertarians are selfish, amoral…You get it.

Libertarians also oppose state religions, but no one claims libertarians are against religion. I wonder why? It seems to follow.

The people who make these claims don’t understand what libertarianism is and don’t really understand the nature of government or their relationship to it, either.

Libertarians do not object to you helping the poor. They merely object to you forcing someone else to help the poor.

Libertarianism answers only one question: When is violence or threatening violence justified? The libertarian answer is only in self-defense. That includes defending your life from an immediate attack upon it or defending yourself against a previous theft of property or other crime.

This is where libertarians face reality and their opponents don’t. Libertarians understand all government action is violent action. That’s not because people in the government aren’t doing it right. It’s because that is what government is designed to be. Violence is its raison d’etre.

The philosophical justification for government in a free society is security. Because humans will sometimes invade the life, liberty or property of their neighbors (whether next door or in another country), there has to be some adequate means to force the perpetrator to cease his criminal activity and make restitution to his victim.

Government is supposedly the answer. Government is the pooled capacity for violence of everyone in the community. That’s all it is. That’s why Thomas Paine based his entire treatise Common Sense on one fundamental assumption:

“Society in every state is a blessing but government even in its best state is but a necessary evil; in its worst state an intolerable one;”

Why an evil? Because it is an institution of violence, nothing more. This is a foundational American idea. It is the reason for the entire Bill of Rights. Government must not be allowed to suppress speech because offensive speech does not justify violence. Government may not prohibit the keeping and bearing of arms because merely possessing arms does not justify violence against the possessor.

When intolerable? When it is used to initiate force, rather than respond to it. If one individual steals from another, the victim has a natural right to point a gun at the thief and demand his property back. In society, the individual supposedly delegates this power and the government points the gun at the thief for him. Almost no one would consider this unjust.

But what if no crime has been committed? Suppose I knocked on your door and demanded money from you at gunpoint. Would you drop the charges against me if you found out I had taken your money and paid some anonymous stranger’s medical bills? Do you believe that is the best way for human beings to solve the problem that the stranger can’t afford to pay them?

Almost no one would answer either of those questions “yes.” Yet, there is absolutely no substantive difference between that scenario and a government-run healthcare program (or education, or housing…). The only superficial difference is a government official is holding the gun. But most Americans can’t see it and will actually argue with you that it isn’t there.

There is an easy way to find out. Simply refuse to cooperate. Deduct the amount you owe for Medicare from your tax return next month and include a note waiving any benefits from the program. Or deduct the amount of your property taxes that underwrite public education and Medicaid (which is most of the bill) and indicate you waive the right to utilize either.

What will happen next? You will get some “reminders” about the oversight in the mail, followed by increasingly threatening letters. Sooner or later, someone in a black robe will write on a piece of paper. Then, men with guns will show up at your door. Don’t believe me? Test my theory.

So what do libertarians really say that is supposedly selfish or amoral? That initiating force against people is wrong. Period. You are free to help other people who need it, but you cannot force your neighbors to do so under a threat of violence if they don’t. You may build schools and hospitals for the poor and ask for contributions for anyone you wish. You just can’t pull out a gun if they decline to participate.

At one time, Americans believed so strongly in this principle that they seceded from their country and formed a new one based upon it. Imagine if they reestablished it again.

Libertarianism anyone?

 

Tom Mullen is the author of Where Do Conservatives and Liberals Come From? And What Ever Happened to Life, Liberty and the Pursuit of Happiness? Part One and A Return to Common Sense: Reawakening Liberty in the Inhabitants of America.

Questions remain after Rand Paul’s filibuster

TAMPA, March 10, 2013 – First, the good news. Kentucky Senator Rand Paul squared off in a 13-hour game of chicken with the White House on Wednesday. At stake was the bedrock American principle that no one will be deprived of life, liberty or property without due process of law. Early Thursday morning, the White House blinked.

“It has come to my attention that you have now asked an additional question: “Does the President have the authority to use a weaponized drone to kill an American not engaged in combat on American soil?” The answer to that question is no. Sincerely, Eric H. Holder, Jr.”

It took “a month and a half and a root canal” to get that carefully worded answer, according to Senator Paul, and even then some obvious questions remained.

Does the president have the authority to use manned aircraft to kill an American not engaged in combat on American soil? How about a rifle? A bow and arrow?

Perhaps due to the popular support for Paul’s filibuster, White House Press Secretary Jay Carney attempted to clean up Holder’s overqualified answer.

Read the rest of the article at Liberty Pulse…

Questions Obama and Romney won’t have to answer at tonight’s debate

TAMPA, October 16, 2012 – Tonight, we will be subjected to another presidential “debate,” in which two candidates who agree that government is the solution to everything argue about whose central plan is better. With the questions coming directly from the electorate and super-liberal Candy Crowley deciding which ones to ask, there is not much chance that big government will be challenged by anyone.

Wouldn’t it be refreshing if the candidates were actually asked substantive questions that couldn’t be answered with rehearsed talking points? Here are just a few that you won’t hear asked in any debate or interview:

1. Both of you support U.S. military involvement in the Middle East and elsewhere against nations that have committed no acts of war against the United States. How do you justify planned military action when no state of war exists?

2. Both of you support employing the U.S. military to promote “democracy” in other countries. Why is the U.S. taxpayer financially responsible for the liberty and security of everyone on the planet? When will this financial responsibility end?

3. You both agree that President Obama was right in signing the last NDAA bill which has provisions allowing the arrest and indefinite detention of U.S. citizens by the military without due process. How do you reconcile this policy with the 4th and 5th Amendments to the U.S. Constitution?

4. It is almost universally acknowledged that Social Security and Medicare have unfunded liabilities that can never be paid, with Medicare representing the graver financial threat. Both of you argue that the programs must be preserved. However, don’t U.S. citizens who weren’t even born when these programs were started have a right to opt out of them, if they agree to waive all benefits in exchange for not being required to pay in? Would you sign a bill allowing younger workers to opt out under those conditions?

Continue at Communities@ Washington Times…

Romney-Obama debate as competitive as professional wrestling

TAMPA, October 4, 2012 — The early consensus after last night’s debate between President Obama and Republican presidential nominee Mitt Romney is that it was a win for Romney. That depends upon how you define “win.”

Certainly, Romney came off as more confident in his answers, while the president seemed distracted at times. However, if this was a battle of ideas, then the outcome was about as uncertain as professional wrestling. Anyone who was listening could tell that this wasn’t a real fight. Big government was the predetermined winner the minute that Romney was nominated.

Yes, Romney made a few references to “competition” and “private markets,” as did Obama. But neither of them is interested in giving free markets a try. In that sense, Obama was at least a little more honest, except when he made the ironic statement that “the genius of America is the free enterprise system.”

The first segment concerned the economy and “creating jobs,” something the government has no role in whatsoever in a free market. The only valid government policy to create jobs from a free market perspective is one that stops the government from doing what it’s already doing. Neither man proposed this.

For many decades, the federal government has employed the same ruse in an attempt to centrally plan the economy while at the same time claim it is fostering free enterprise.

Step One: Tax the living daylights out of everybody and everything.

Step Two: Give “targeted tax cuts” to firms in sectors the central planners think should grow.

Continue at Communities@ Washington Times…