As currently implemented? Absolutely, it observably isn't. Why do we need middlemen preying on fear, confusion, and preventing any reasonable price discovery from occurring while driving an absolutely absurd inflation rate[1]. Please note those are monthly, not annual numbers, and some months alone hit 5%! Keeping costs down and wages up has plenty of other positive effects too.

[1] https://ycharts.com/indicators/us_health_care_inflation_rate