Jacob Hacker writes that there’s “a simple fix for Obamacare’s current woes” — the public option. That’s the public insurer that President Obama was talking about in his Florida speech. As I’ve noted, a public option doesn’t fix any of the problems we have, and it would be hard as heck to set up. If you construct it along the lines that it was originally envisioned (which is to say, a self-funding and market-competitive insurer), it will have the same problems as other insurers, while addressing none of the woes in the market for individual insurance. If you allow it to run at a loss, it’s essentially an enormous, open-ended subsidy that would be politically unpopular and fiscally reckless. And if you don’t subsidize it, but do give it the ability to slap price controls on providers, you will face a political rebellion from a very active and influential group of voters.