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Should we spend 75% of the total medical bills in somebody's life around the final stages of life?
I don't think Economics is particularly good at telling us if we should or shouldn't.
What Economics is better at doing is predicting the consequences of spending 75% of the total health care consumption of a person's life during the final stage of life. The consequences must be analyzed not only for the person in question but also for that person's family & dependents & potential heirs & the rest of us in the economy.
Different people will come to differing conclusions looking at the same underlying data and the same predicted economic consequences. That's the odd thing.
Some will conclude individual life is so precious that no expense whatsoever should be spared to prolong death.
Others will conclude it is bad for society to expend an obscene fraction of society's medical care on prolonging death.
Still others will say it is solely between a person, that person's bank account, and the medical care establishment and no one else gets a vote.
I don't think Economics is particularly good at telling us if we should or shouldn't.
What Economics is better at doing is predicting the consequences of spending 75% of the total health care consumption of a person's life during the final stage of life. The consequences must be analyzed not only for the person in question but also for that person's family & dependents & potential heirs & the rest of us in the economy.
Different people will come to differing conclusions looking at the same underlying data and the same predicted economic consequences. That's the odd thing.
Some will conclude individual life is so precious that no expense whatsoever should be spared to prolong death.
Others will conclude it is bad for society to expend an obscene fraction of society's medical care on prolonging death.
Still others will say it is solely between a person, that person's bank account, and the medical care establishment and no one else gets a vote.
Economics might now but they help to define a price at the intersection of demand and supply. My point is that government policy can extremely alter a market around these types of things like healthcare delivery, education, and housing.
Economics might now but they help to define a price at the intersection of demand and supply. My point is that government policy can extremely alter a market around these types of things like healthcare delivery, education, and housing.
According to the Federal Reserve’s Survey of Consumer Finances, wealth continues to shift to the nation’s seniors. Between 2013 and 2016, U.S. families’ wealth and incomes grew across the board as the economic recovery picked up steam—with most of these gains going to those aged 75+. This news comes atop 30 years of rapid wealth growth among older Americans, with the result that their net worth now towers over that of younger families. It’s a new reality that’s turning seniors into pillars of financial support for their children and grandchildren as well as changing public perceptions of old age.
The Fed numbers reflect broad-based gains that cut across the economic spectrum. In 2016, the median net worth of American households was $97,300, up 16% from 2013 after adjusting for inflation. Mean net worth also rose nearly 26% to $692,100. But the fruits of the recovery have been spread unevenly across different age groups. Faring the best were those 75+ — an age bracket largely occupied by the Silent Generation (born 1925 to 1942). This group experienced a 32% increase in median household net worth and a 60% increase in mean net worth. Today, the net worth of a typical retiree is $264,750. This amount shrinks moving down the age ladder: The Silent hold roughly 1.3 times the amount of wealth as Boomers, more than twice that of Xers, and 23 times that of Millennials.
They are the ones with stocks and other investments that move with market volume and gains. I started my career (38 now) right when things were starting to get rocky before the recession and I lost a huge amount of income for several years. Post college I went with no job for 7 months, then underpaid for 2-3 years before things started to turn around.
Many in my age group have had a tuff time getting started and on their feet. Amazing how expensive rent got when the housing market crashed, guess what group bore the brunt of that, millennials. Can barely find a low paying job, student loans, and ridiculous rent cost.
Also keep in mind most of us on this board are college grads, graduate degree here and grads earn much more than the other 70ish percent of millennials on average. Better believe another recession will be horrible for my age group.
I just started feeling comfortable around 2014-2015, another recession could wash away most of the gains my group has made. Add to that the price of the market and overinflated stock prices make it hard for millennials to get in the game enough to see the value of stock ownership.
I suspect some of you believe everything was hunky dory for everyone in the labor markets except for the poor, poor millennials. caught up in the last recession. Get over yourselves. You're special alright, just like everyone else. Suck it up, buttercup!
Recession in 1937 to 1938
While it is not as worse as the Great Depression, this 13-month event is considered as one of the most dreadful slumps of the 20th century, given the -18.2% decline in GDP, and the 19% peak unemployment rate. Three reasons are cited for this recession: tight fiscal policy after the New Deal, as a means to balance the budget; the Federal Reserve’s tight monetary policy; and the decline in business profits, resulting to a dwindling in investments.
Recession in 1945
Spanning from February to October 1945, this 8-month period saw a -12.7% decline in GDP, and a 5.2% rate of unemployment. This “end of the war” recession was caused by the transition from a battle period economy to a peacetime economy.
Recession in 1949
Although it was a brief and minor downturn, the recession of 1949 caused a minimal -1.7% decrease in GDP and a 7.9% hike in unemployment rate. Economists blame this 11-month spiral on the “Fair Deal” reform of President Harry Truman, as well as tensed government spending.
Recession in 1953
With a -2.6% drop in GDP and a peak unemployment rate of 6.1%, the 1953 recession is said to be caused by the separation of the Federal Reserve from the U.S. Treasury in 1951. As a result, the former implemented stricter policies which led to the 10-month depression.
Recession in 1958
Caused by the tightened monetary policy of 1955 and its subsequent easing in 1957, the 1958 recession resulted to sad economic figures, such as a peak unemployment rate of 7.5%, and a -3.7% decline in GDP.
Recession in 1960 to 1961
When the Federal Reserve decided to hike its interest rates, what transpired next was the 10-month recession which started in April 1960 and ended in February 1961. While the GDP only decreased by -1.6%, the unemployment rate shot up to 7.1%.
Recession in 1969 to 1970
Considered as a mild recession, this 11-month period brought about only a minimal -0.6% decline in GDP. However, the unemployment rate remained high at 6%. Causes of this downturn are numerous, but to name a few– the rising inflation rate resulting from increased deficits, the fiscal tightening secondary to Vietnam war budget deficits, and the tightening of monetary policies or the Federal Reserve’s policy of increasing interest rates.
Recession in 1973 to 1975
This downturn, which spanned for 16 months, saw a -3.2% decline in GDP and a 9% hike in unemployment rate. The recession was brought about by OPEC’s decision to quadruple oil prices, as well as the heightened government spending for the Vietnam War. Further exacerbating the predicament was the oil crisis of 1973, and the stock market crash of 1973-1974.
Recession in 1980
This short recession, which started in January 1980, again was a result of the Federal Reserve’s plan to raise interest rates, to combat the inflation of the 1970s. While the GDP falloff was only -2.2%, the unemployment rate was considered high at 7.8%.
Recession in the Early 1980s
Lasting 16 months, the early 1980s downturn is what economists call as a “double dip” or “W-shaped” recession, which is characterized by a slump, followed by a brief period of growth, and another downturn before the economy manages to recover.
The cause of this recession is mainly the 1979 energy crisis, which forced a sharp hike in oil prices because of the new regime in Iran. The country also imposed a tightened monetary policy which decreased business spending, as an attempt to curb inflation.
As a result, the GDP shrunk by -2.7%, while the unemployment rate peaked at 10.8%, which is the highest rate by far in the history of American recessions.
Recession in the Early 1990s
A brief downturn lasting only 8 months, the recession of the early 1990s was characterized by a -1.4% depreciation in GDP and an increased unemployment rate of 7.8%. Three factors contributed to this event: the 1980’s debt accumulation, the oil price shock of the 1990s, and the rising rate of consumer pessimism.
Recession in the Early 2000s
Putting a halt to the economic growth of the 1990’s was this shallow 8-month recession, which led to a 6.3% increase in unemployment rate and a minute -0.3% decrease in GDP. Here are the factors that triggered this event, to name a few: the September 11 attacks, the Dot-com bubble collapse (Y2K scare), and the decrease in investments and business outlays.
I suspect some of you believe everything was hunky dory for everyone in the labor markets except for the poor, poor millennials. caught up in the last recession. Get over yourselves. You're special alright, just like everyone else. Suck it up, buttercup!
Recession in 1937 to 1938
While it is not as worse as the Great Depression, this 13-month event is considered as one of the most dreadful slumps of the 20th century, given the -18.2% decline in GDP, and the 19% peak unemployment rate. Three reasons are cited for this recession: tight fiscal policy after the New Deal, as a means to balance the budget; the Federal Reserve’s tight monetary policy; and the decline in business profits, resulting to a dwindling in investments.
Recession in 1945
Spanning from February to October 1945, this 8-month period saw a -12.7% decline in GDP, and a 5.2% rate of unemployment. This “end of the war” recession was caused by the transition from a battle period economy to a peacetime economy.
Recession in 1949
Although it was a brief and minor downturn, the recession of 1949 caused a minimal -1.7% decrease in GDP and a 7.9% hike in unemployment rate. Economists blame this 11-month spiral on the “Fair Deal” reform of President Harry Truman, as well as tensed government spending.
Recession in 1953
With a -2.6% drop in GDP and a peak unemployment rate of 6.1%, the 1953 recession is said to be caused by the separation of the Federal Reserve from the U.S. Treasury in 1951. As a result, the former implemented stricter policies which led to the 10-month depression.
Recession in 1958
Caused by the tightened monetary policy of 1955 and its subsequent easing in 1957, the 1958 recession resulted to sad economic figures, such as a peak unemployment rate of 7.5%, and a -3.7% decline in GDP.
Recession in 1960 to 1961
When the Federal Reserve decided to hike its interest rates, what transpired next was the 10-month recession which started in April 1960 and ended in February 1961. While the GDP only decreased by -1.6%, the unemployment rate shot up to 7.1%.
Recession in 1969 to 1970
Considered as a mild recession, this 11-month period brought about only a minimal -0.6% decline in GDP. However, the unemployment rate remained high at 6%. Causes of this downturn are numerous, but to name a few– the rising inflation rate resulting from increased deficits, the fiscal tightening secondary to Vietnam war budget deficits, and the tightening of monetary policies or the Federal Reserve’s policy of increasing interest rates.
Recession in 1973 to 1975
This downturn, which spanned for 16 months, saw a -3.2% decline in GDP and a 9% hike in unemployment rate. The recession was brought about by OPEC’s decision to quadruple oil prices, as well as the heightened government spending for the Vietnam War. Further exacerbating the predicament was the oil crisis of 1973, and the stock market crash of 1973-1974.
Recession in 1980
This short recession, which started in January 1980, again was a result of the Federal Reserve’s plan to raise interest rates, to combat the inflation of the 1970s. While the GDP falloff was only -2.2%, the unemployment rate was considered high at 7.8%.
Recession in the Early 1980s
Lasting 16 months, the early 1980s downturn is what economists call as a “double dip” or “W-shaped” recession, which is characterized by a slump, followed by a brief period of growth, and another downturn before the economy manages to recover.
The cause of this recession is mainly the 1979 energy crisis, which forced a sharp hike in oil prices because of the new regime in Iran. The country also imposed a tightened monetary policy which decreased business spending, as an attempt to curb inflation.
As a result, the GDP shrunk by -2.7%, while the unemployment rate peaked at 10.8%, which is the highest rate by far in the history of American recessions.
Recession in the Early 1990s
A brief downturn lasting only 8 months, the recession of the early 1990s was characterized by a -1.4% depreciation in GDP and an increased unemployment rate of 7.8%. Three factors contributed to this event: the 1980’s debt accumulation, the oil price shock of the 1990s, and the rising rate of consumer pessimism.
Recession in the Early 2000s
Putting a halt to the economic growth of the 1990’s was this shallow 8-month recession, which led to a 6.3% increase in unemployment rate and a minute -0.3% decrease in GDP. Here are the factors that triggered this event, to name a few: the September 11 attacks, the Dot-com bubble collapse (Y2K scare), and the decrease in investments and business outlays.
I suspect some of you believe everything was hunky dory for everyone in the labor markets except for the poor, poor millennials. caught up in the last recession. Get over yourselves. You're special alright, just like everyone else. Suck it up, buttercup!
Recession in 1937 to 1938
While it is not as worse as the Great Depression, this 13-month event is considered as one of the most dreadful slumps of the 20th century, given the -18.2% decline in GDP, and the 19% peak unemployment rate. Three reasons are cited for this recession: tight fiscal policy after the New Deal, as a means to balance the budget; the Federal Reserve’s tight monetary policy; and the decline in business profits, resulting to a dwindling in investments.
Recession in 1945
Spanning from February to October 1945, this 8-month period saw a -12.7% decline in GDP, and a 5.2% rate of unemployment. This “end of the war” recession was caused by the transition from a battle period economy to a peacetime economy.
Recession in 1949
Although it was a brief and minor downturn, the recession of 1949 caused a minimal -1.7% decrease in GDP and a 7.9% hike in unemployment rate. Economists blame this 11-month spiral on the “Fair Deal” reform of President Harry Truman, as well as tensed government spending.
Recession in 1953
With a -2.6% drop in GDP and a peak unemployment rate of 6.1%, the 1953 recession is said to be caused by the separation of the Federal Reserve from the U.S. Treasury in 1951. As a result, the former implemented stricter policies which led to the 10-month depression.
Recession in 1958
Caused by the tightened monetary policy of 1955 and its subsequent easing in 1957, the 1958 recession resulted to sad economic figures, such as a peak unemployment rate of 7.5%, and a -3.7% decline in GDP.
Recession in 1960 to 1961
When the Federal Reserve decided to hike its interest rates, what transpired next was the 10-month recession which started in April 1960 and ended in February 1961. While the GDP only decreased by -1.6%, the unemployment rate shot up to 7.1%.
Recession in 1969 to 1970
Considered as a mild recession, this 11-month period brought about only a minimal -0.6% decline in GDP. However, the unemployment rate remained high at 6%. Causes of this downturn are numerous, but to name a few– the rising inflation rate resulting from increased deficits, the fiscal tightening secondary to Vietnam war budget deficits, and the tightening of monetary policies or the Federal Reserve’s policy of increasing interest rates.
Recession in 1973 to 1975
This downturn, which spanned for 16 months, saw a -3.2% decline in GDP and a 9% hike in unemployment rate. The recession was brought about by OPEC’s decision to quadruple oil prices, as well as the heightened government spending for the Vietnam War. Further exacerbating the predicament was the oil crisis of 1973, and the stock market crash of 1973-1974.
Recession in 1980
This short recession, which started in January 1980, again was a result of the Federal Reserve’s plan to raise interest rates, to combat the inflation of the 1970s. While the GDP falloff was only -2.2%, the unemployment rate was considered high at 7.8%.
Recession in the Early 1980s
Lasting 16 months, the early 1980s downturn is what economists call as a “double dip” or “W-shaped” recession, which is characterized by a slump, followed by a brief period of growth, and another downturn before the economy manages to recover.
The cause of this recession is mainly the 1979 energy crisis, which forced a sharp hike in oil prices because of the new regime in Iran. The country also imposed a tightened monetary policy which decreased business spending, as an attempt to curb inflation.
As a result, the GDP shrunk by -2.7%, while the unemployment rate peaked at 10.8%, which is the highest rate by far in the history of American recessions.
Recession in the Early 1990s
A brief downturn lasting only 8 months, the recession of the early 1990s was characterized by a -1.4% depreciation in GDP and an increased unemployment rate of 7.8%. Three factors contributed to this event: the 1980’s debt accumulation, the oil price shock of the 1990s, and the rising rate of consumer pessimism.
Recession in the Early 2000s
Putting a halt to the economic growth of the 1990’s was this shallow 8-month recession, which led to a 6.3% increase in unemployment rate and a minute -0.3% decrease in GDP. Here are the factors that triggered this event, to name a few: the September 11 attacks, the Dot-com bubble collapse (Y2K scare), and the decrease in investments and business outlays.
Yeah, the terms “worst in the post war era”, “unprecedented” fiscal and monetary policy, longest, sharpest, severe, slowest recovery, and worldwide are all reserved for the omitted financial crisis that the....”buttercups” saw once we hit the FF button to the 21st century.
Last edited by Thatsright19; 09-11-2019 at 07:40 AM..
I noticed you left one out. Do you want to provide the little blurb for the financial crisis and Great Recession? I’d like to hear how that one reads.
"Great Recession" is a term the media came up with, obviously you have bought into it. Point is, we have had a lot of recessions for many reasons and for many generations. Millennials are nothing special, but they're big crybabies.
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