'Remember the $400 hammer? How 'bout that $600 toilet seat?" asks a Conservatives for Patients' Rights TV commercial criticizing President Barack Obama's health-care plan. "Seems when Congress gets involved, things just cost more."

As it happens, I do remember the incident of the $436 hammer, the one that made headlines back in 1984. And while it may "seem" in hazy retrospect as though it showed how "things just cost more" once those silly liberals in Congress get started, what the hammer episode actually illustrated was a...