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Milton J. Madison - An American Refugee Now Living in China, Where Liberty is Ascending

Federalism, Free Markets and the Liberty To Let One's Mind Wander. I Am Very Worried About the Fate of Liberty in the USA, Where Government is Taking people's Lives ____________________________________________________________________________________________ "Extremism in defense of liberty is no vice. Tolerance in the face of tyranny is no virtue." -Barry Goldwater-

Tuesday, August 04, 2009

Obamacare and the necessity of protecting Americans from medical caused bankruptcies....

The Socialist-in-chief has argued that the high cost of medical care has bankrupted numerous Americans and brought financial ruin upon them citing these statistics...
Over half of U.S bankruptcies result from out-of-pocket medical expenses, according to a study published on June 24, 2005 in the journal Health Affairs. The study, conducted by researchers at Harvard’s medical and law schools, is based on interviews with 1,771 individuals who filed for bankruptcy in 2001. Of these filers, 931 cited medical causes for their financial woes.

The results of the study indicate that an estimated 1.9-2.2 million Americans (the filers and their families) are affected annually by medical bankruptcy. In other words, every 30 seconds someone new is forced to contend with the double whammy of medical and financial catastrophe.
From here.

But also we find actual bankruptcy statistics such as this from here....
There has been a steady increase in bankruptcies over the last three years. In 2006 there were 590,500 filings and in 2007 there were 827,000. There were a record 2.1 million filings in 2005, when 630,000 Americans filed in the two weeks before revisions to federal bankruptcy laws.
Ok, so if there were really a medical costs causing bankruptcies every 30 seconds, and since there are 2 30 second periods every minute, we find if we multiply out the number of 30 second periods in a year, then we will see that it equals this: 2*60*24*365= 1,051,000. So the math doesn't seem to work right. In other words, according to these 'researchers' (that happen to work in the medical industry) there are more medical bankruptcies - 1.9-2.2 million annually - caused filings than there are actual bankruptcies.

Just for argument, lets assume that there are a large number of medical bankruptcies. This also implies that these medical procedures are important enough where people are willing to pay lots of money to go through these procedures that will reasonably lead to financial ruin. One of the situations one may think that is important enough is the saving of a life. If spending the money to save one's life leads to financial ruin, then I assume that financial ruin is preferable to the alternative of death.

So, all I have to say about this is....
Going bankrupt from medical expenses is always better than going to probate.
-Glenzo, 2009-

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