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IMO because of our lack of tort reform...
Unfortunately our Congress is full of lawyers who would never vote for tort reform.
You have the weighting in this wrong.
The number one (of these 3) is insurance companies and overhead.
It's their lawyers and lobbyists who are fighting meaningful reform (and their jobs).
Pharmaceutical and tort expenses are way back in the pack.
Must have been an interview I didn't see. The women I saw were both pretty middle age (40's - early 50's). One was in California - the other in Florida.
Like the line from an old TV show - "there are 8 million stories in the naked city - this has been one of them".
I agree about being young. Many things are much more expensive today - and salaries haven't kept pace. My husband and I lived well on $19k/year in 1971. Today - the equivalent income would be $109k. Robyn
And a young couple could live well on 109K in 2014 too....
IMO because of our lack of tort reform, doctors pay high premiums for malpractice insurance. Drugs are more expensive in the US than other countries, because we pay for the research and development and also the high cost of overhead of the insurance companies so they can do those piles and piles of paperwork. Unfortunately our Congress is full of lawyers who would never vote for tort reform.
This is an old wife's tale that is believed by many despite the fact that isn't true. The Congressional Budget Office has studied the impact of medical malpractice and the tort system on medical costs. Their study indicates that both the cost of malpractice insurance and what is alleged to be "defensive medicine" cost this country between 1% and 2% of all healthcare expenditures.
Since healthcare costs have risen an average of 4% to 7% every year, the point is that if you were to totally abolish medical malpractice lawsuits, you wouldn't notice the savings on your medical bills What you would do is remove the one control on health care quality that takes place outside the medical system itself.
Are you comfortable doing that and leaving the fox guarding the henhouse?
I've posted this before, but as long as people keep claiming nonsense like medical malpractice lawsuits are the biggest driver of health care costs, I'll keep posting it.
Must have been an interview I didn't see. The women I saw were both pretty middle age (40's - early 50's). One was in California - the other in Florida.
Like the line from an old TV show - "there are 8 million stories in the naked city - this has been one of them".
I agree about being young. Many things are much more expensive today - and salaries haven't kept pace. My husband and I lived well on $19k/year in 1971. Today - the equivalent income would be $109k.
Robyn, you make me laugh. My father was appointed a district court judge in my state back in 1970. His starting salary was less than what you were making. He earned $17,000 to start. He had to take a 50% reduction in pay from his private law practice to take the position and even though I was ten years old, I remember that time well.
I suspect this is an example of the higher cost of living in some regions of the country. However, that $17,000 salary adequately (if not comfortably) supported a family of four. He even paid my sister's college tuition at a state university.
Robyn, you make me laugh. My father was appointed a district court judge in my state back in 1970. His starting salary was less than what you were making. He earned $17,000 to start. He had to take a 50% reduction in pay from his private law practice to take the position and even though I was ten years old, I remember that time well.
I suspect this is an example of the higher cost of living in some regions of the country. However, that $17,000 salary adequately (if not comfortably) supported a family of four. He even paid my sister's college tuition at a state university.
Our $19k was total family income - both me and my husband. Each of us was earning approximately half that. We were living in Philadelphia at the time. Not the highest cost spread place - but not the lowest either. And my point was only that salaries haven't kept up with the COL. Don't think too many people would disagree with that. Robyn
We spent money on a new TV, aerial and tower, signal amplifier, etc. But it has never gotten any signal. Technically, yes I own a TV. However, no, we do not get TV. Much of rural America no longer gets TV.
When the FCC shutdown high-power TV broadcast, our township lost the last remaining TV signal that we used to get. The new low-power digital broadcast is not strong enough to reach our township.
A few homes have shifted to satellite dishes. Most homes have not. Since we were only getting one station before, I do not think that many families here had developed the addiction to TV that is more dominate in more urban areas.
Quote:
Originally Posted by Robyn55
Our $19k was total family income - both me and my husband. Each of us was earning approximately half that. We were living in Philadelphia at the time. Not the highest cost spread place - but not the lowest either. And my point was only that salaries haven't kept up with the COL. Don't think too many people would disagree with that. Robyn
I agree.
We are fortunate that there are still places where you do not need a high income to live comfortably.
This is an old wife's tale that is believed by many despite the fact that isn't true. The Congressional Budget Office has studied the impact of medical malpractice and the tort system on medical costs. Their study indicates that both the cost of malpractice insurance and what is alleged to be "defensive medicine" cost this country between 1% and 2% of all healthcare expenditures.
Since healthcare costs have risen an average of 4% to 7% every year, the point is that if you were to totally abolish medical malpractice lawsuits, you wouldn't notice the savings on your medical bills What you would do is remove the one control on health care quality that takes place outside the medical system itself.
Are you comfortable doing that and leaving the fox guarding the henhouse?
I've posted this before, but as long as people keep claiming nonsense like medical malpractice lawsuits are the biggest driver of health care costs, I'll keep posting it.
There are statistics and there are..........
I doubt very much this situation was taken into consideration when assessing the result and cost of malpractice suits.
When I was young, I sliced the bottom of my foot open on a piece of glass.
A while later my brother broke his arm.
When my son was young, he fell and couldn't move his arm.
When he was a little older he got stung by a bee and started exhibiting the signs of shock.
Now what actions do you think followed those 4 events and what would follow those events today?
Our $19k was total family income - both me and my husband. Each of us was earning approximately half that. We were living in Philadelphia at the time. Not the highest cost spread place - but not the lowest either. And my point was only that salaries haven't kept up with the COL. Don't think too many people would disagree with that. Robyn
I'll be the first one to disagree with that...salaries are just fine...SPENDING/SAVINGS habits have changed. There is NO reason a young couple, like you were, could not easily get by on 109K now--NONE.
I'll be the first one to disagree with that...salaries are just fine...SPENDING/SAVINGS habits have changed. There is NO reason a young couple, like you were, could not easily get by on 109K now--NONE.
I think you misread my message. I'm saying that our salary then = $109k now - and a whole lot of people coming out of school don't make that kind of money today. Robyn
I think you misread my message. I'm saying that our salary then = $109k now - and a whole lot of people coming out of school don't make that kind of money today. Robyn
I did not misread your post and for 2 kids coming out of college now making 109K combined is not out of the realm of possibility--especially if they are lawyers and CPA's..
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