Ron Paul Tops McCain in Cash on Hand

ABC News' George Stephanopoulos Reports: Though often regarded as a longshot candidate for president, Republican Ron Paul tells ABC News that he has an impressive $2.4 million in cash on hand after raising an equal amount during the second quarter, putting him ahead of one-time Republican frontrunner John McCain, who reported this week he has only $2 million in the bank.

Rep. Paul believes that the more government interference in medicine, the higher prices rise and the less efficient care becomes. He points to how many people today are upset with the HMO system, but few people realize that HMOs came about because of federal mandate in 1973. He also points to the 1974 ERISA law that grants tax benefits to employers for providing insurance but not individuals; he prefers a system which grants tax credits to individuals. He supports the U.S. converting to a free market health care system, saying in an interview on New Hampshire NPR that the present system is akin to a "corporatist-fascist" system which keeps prices high. He says that in industries with freer markets prices go down due to technological innovation, but because of the corporatist system, this is prevented from happening in health care. He opposes socialized health care promoted by Democrats as being harmful because they lead to bigger and less efficient government.