The problem isn't privatized health care itself, but rather poor government oversight of an industry that sells a service with incredibly inelastic demand (and don't even pretend the average family can just go without it--not having health insurance is REALLY not an option for most low/medium-income families, as even a single ER visit for something as simple as a broken arm is extraordinarily expensive without insurance.)
I don't want to totally socialize medicine, either--I think McCain had a decent idea with his "give income tax credits as an incentive to families who purchase a private plan instead of using a crappy employer-provided HMO" thing, but that's really only a temporary fix for a larger problem. The health care/insurance industry has been able to raise its prices to ludicrously high levels in recent years simply because government does such a piss-poor job of regulating it that it lacks any realistic semblance of capitalistic competition.
My question for the "NO GOVERNMENT REGULATION OF HEALTH INSURACE EVARRR!!!" proponents is: What the fuck else are low-income families supposed to do for health care?
The fact is that health insurance IS too fucking expensive, because the health insurance companies all engage in illegal price fixing/collusion and arbitrarily raise their rates by astronomical stretches every year, for no real reason other than because they can.
If government doesn't step in to stop this unfair oligopoly/virtual monopoly on a service that, given the OUTRAGEOUS cost of paying for any major medical procedure without insurance, most families absolutely cannot do without, we're going to dig ourselves into an even deeper shit hole because socialized medicine will end up being the only option left (and yes, I agree it's a shitty option.)
But oh wait, of course, I'm sure the INVISIBLE HAND will just show up here and work everything out naturally--if people can't pay for health care, they'll just die off and the market will balance itself, right, assholes?
If nothing else I think we can all agree that health care should be provided free of charge for children/the elderly/anyone otherwise too old/young/sick/injured/incapacitated to be expected to work and pay for it himself. Does that sound fair, at least?