Skyrocketing Healthcare Costs are Driving 60% of Bankruptcies
I wonder when the banks will realize that the pharmaceutical industry got their money and they got the bankruptcy debt.
Date Created: 2012, October 28
Keywords: rising, healthcare, costs, foreclosure, economic, crisis, economy, health
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The economic crisis was NOT caused by banks; it was caused by the pharmaceutical industry. Consumers borrowed from the banks to pay their medical bills. The banks paid the bills. 60% of bankruptcies are related to medical expenses. Millions of consumers lost everything because of medical expenses. The banks paid the bills and then consumers were unable to pay back the medical debt. Johnson & Johnson sucked the banks dry and they crashed.
As health care costs continue to skyrocket to cover multi-billion dollar corporate salaries/bonuses, litigation for criminal activity such as bribery, fraud, false and misleading advertising of a harmful drug. and paying settlements to victims and settlements and fines to authorities for crimes, millions of Americans have had no choice but to declare bankruptcy due to health care costs.
A report published in Consumer Affairs, " Medical Bills Leading Cause of Bankruptcy, Harvard Study Finds," found that around 50% of bankruptcies are caused by medical debt. More than 50% of those filing bankruptcy were homeowners. More than 75% had health care insurance before the medical bills got too high - but more than 38% lost their health insurance before filing for bankruptcy because they could no longer afford coverage.
In this article by Huffington Post, " Medical Bills Drive Americans Into Bankruptcy As Many Struggle To Pay Debt" explains that the loss of a job is also the loss of health insurance. Without health insurance, many people have had to resort to using credit to pay for medical care. With it costing more than $13,000 for an average illness and more than $35,000 for cancers, debt piles up quick and often results in bankruptcy.
The report by Health Reform, " Hidden Costs of Health Care: Why Americans are Paying More But Getting Less," explains the explosively increasing cost of health care, but does not address where the money is going, since it's obviously not going to the care of health.
The health care crisis was not caused by the cost of health care. The health care crisis was caused by, and continues to grow from, the cost of litigation in addition to paying restitution to those harmed by toxic, faulty or defective products and devices or illegally marketed products and devices. Toss in a few hundred multi-billion salaries/bonuses and $100 million plus retirements and it's not a wonder health care costs are out of control.
In addition, consumers are forced to pay increased taxes to cover the money stolen by Johnson & Johnson from Medicaid program and for prosecution, driving up tax rates and driving down the amount available for human services such as education, health care and dramatically increasing the National debt. In addition, taxpayers also foot the Social Security Disability bill for disabilities caused by faulty or defective devices or illegal marketing. Social Security Disability was not set up to cover permanent disability to individuals harmed by faulty, defective or illegally marketed products.
I wonder when the banks will realize that the pharmaceutical industry got their drug money and the banks got the bankruptcy and foreclosure debt. When the banks figure just how bad they've been raked over the coals, will they kick Billy Weldon off the Board at JPMorgan Chase?
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1. Alyce Lomax (2012, March 28). Sick Stuff in CEO Pay Motley Fool. Retrieved from http://www.fool.com/investing/general/2012/03/28/sick-stuff-in-ceo-pay.aspx
2. Bloomberg News (2011, April 8). N.J.-based Johnson & Johnson will pay $70 million to resolve bribery Claims nj.com. Retrieved from http://www.nj.com/business/index.ssf/2011/04/nj-based_johnson_johnson_will.html
3.United States Food and Drug Administration (2004, April 19). Risperdal WARNING Letter United States Food and Drug Administration. Retrieved from http://www.fda.gov/downloads/Drugs/GuidanceComplianceRegulatoryInformation/EnforcementActivitiesbyFDA/WarningLettersandNoticeofViolationLetterstoPharmaceuticalCompanies/ucm055315.pdf?utm_source=fdaSearch&utm_medium=website&utm_term=johnson%20&%20johnson%20marketing%20letter%20risperdal&utm_content=1
4. ConsumerAffairs (2005, February 3). Medical Bills Leading Cause of Bankruptcy, Harvard Study Finds Consumer Affairs. Retrieved from http://www.consumeraffairs.com/news04/2005/bankruptcy_study.html
5. William Alden (2011, October 19). Medical Bills Drive Americans Into Bankruptcy As Many Struggle To Pay Debt Huffington Post. Retrieved from http://www.huffingtonpost.com/2011/08/19/medical-bills-bankruptcy_n_931297.html
6. HealthReform (2009, June 23). Hidden Costs of Health Care: Why Americans are Paying More But Getting Less Health Reform.gov. Retrieved from http://copdnewsoftheday.com/?p=1866
7. Marlys Harris (2010, January 25). Foreclosure: It's Not Just about the Mortgage CBSNews. Retrieved from http://www.cbsnews.com/8301-505145_162-38140519/foreclosure-its-not-just-about-the-mortgage/
8. Emily Patterson (2012, October 25). Rising Health Care Costs Fueling 50% of Foreclosures and Economic Crisis Johnson and Toxin. Retrieved from http://www.johnsonandtoxin.com/healthcare_foreclosures.shtml
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Johnson & Johnson Consumer Sales Continue to Drop, 2011 to 2013 Johnson & Johnson consumer goods sales continue to slide in 2013 due to boycotts, recalls and more carcinogens in baby care products.
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Will YOU Use Johnson & Johnson Sedation Device? With a history of bad devices, such as metal-on-metal hips and transvaginal mesh, and a history of withholding safety data from the FDA, a corrupt medical devices department at the FDA and defective insulin pumps, would you use or recommned JNJ's new Sedation Device, a pump-based anesthesia device?
How Johnson & Johnson Profits From Harmful Products, Bad Drugs and Faulty Devices Faulty products and illegal marketing causing lifelong medical issues and disabilities are a cash cow for Johnson & Johnson.
Johnson & Johnson CEO Alex Gorsky's Career Long Cloud of Corruption Bribery, hiding risks, withholding safety date from the FDA, false and misleading marketing in violation of FDA regulations, and so much more corruption - with one man always involved: Alex Gorsky.
Johnson & Johnson's Recent Payoff's, I Mean Settlements, Risperdal and Levaquin Johnson & Johnson settles a few Risperdal and Levaquin lawsuits, but doesn't disclose the payoff amount.
JNJ Stock: Big Boys Bailing, Not Buying Insider trading shows all selling and no buying and Berkshire dumped almost a third of JNJ stock. Gee, wonder why?
Rising Health Care Costs Fueling 50% of Foreclosures and Economic Crisis I wonder when the banks will realize that the pharmaceutical industry got their money and they got the foreclosure debt.
Skyrocketing Healthcare Costs are Driving 60% of Bankruptcies I wonder when the banks will realize that the pharmaceutical industry got their money and they got the bankruptcy debt.
Johnson & Johnson Synthes: Corruption, Lawsuits and FDA Violations Synthes fits right in with the rest of the corrupt companies of J&J =)
Johnson & Johnson Janssen Levaquin Victim Sister Speaks Out Our entire family is furious that Johnson & Johnson is misbranding many of their drugs and hiding safety data.
Johnson & Johnson Janssen Levaquin Victim Permanently Disabled John Fratti Letter submitted to Johnson And Toxin by John Fratti, one of the more than 20,000 adverse events related to Johnson & Johnson Janssen Levaquin.
ObamaCare - Hah! More Like ObamaScam ObamaCare is probably not about socialized medicine or affordable healthcare for all - it's probably about maintaining high profits for the health care industry.
JNJ to Remove Harmful Chems from Baby Care by 2013 and Adult Care by 2015 What are consumers to use until harmful chems are removed?
The Extremely Expensive Problems Facing Johnson & Johnson If you think Alex Gorsky is the solution to the problems facing JNJ, you haven't kept up with the JNJ drama over the years. Stop in and get a clue...
Johnson & Johnson Pacifies Shareholders with Pathetic $23 Million Shareholders filed a lawsuit against JNJ in December of 2010. Three years later, Johnson & Johnson pacified shareholders with a pathetic $23 million settlement without having to admit to wrongdoing.
Xarelto by Johnson & Johnson is Likely Another OverHyped Dud Here we go again - another supposed blockbuster drug with issues but will get pushed through FDA anyway.
Ingredients to avoid: Methylisothiazolinone and Methylchloroisothiazolinone Two more ingredients to keep an eye on. Emerging data suggests this one may be a dermal irritant, associated with eczema and a possible neurotoxin.
Johnson & Johnson Delaying $2.2 Billion DOJ Settlement to Reduce Risk of Liability to States and Victims Johnson & Johnson wants to settle to avoid court and not have to admit to doing anything wrong. However, the lifelong health problems facing their victims should be paid for by Johnson & Johnson, not taxpayers.
Johnson & Johnson Retired CEO Weldon Gets $143.5 M for Retirement, $1 M Salary and Bonuses? Okayyy, how about the high cost of healthcare? R&D? Yeah, right.
Lawsuits Mounting for Harm by Johnson & Johnson Implanted Mesh Products J&J started using a mesh product for organ prolapse, such as bladder and uterous. However, the consequences of this option increases risks of harm to other internal organs.
Facts About Johnson and Johnson Bill Weldon CEO Successor Alex Gorsky Alex Gorsky has his illegal little paws in a whole lot of J&J issues, from Omnicare kickbacks, Medicaid fraud, defective hips and the latest addition, the Mesh Mess.
Johnson & Johnson Risperdal: Broken Laws and Side Effects Lies, bribes, kickbacks, truthtwisting, omissions and more regarding Risperdal. Just another day at J&J.
Johnson and Johnson DePuy Global Recall of 93,000 Defective All-Metal Hips The DePuy subsidiary of Johnson & Johnson faces dealing with the recall of 93,000 metal on metal hips for high failure rate and metal poisoning for the recipients. The worst part is that they knew there was a problem and kept selling the hips anyway.
Johnson & Johnson Credo Analysis The Johnson & Johnson Credo sounds good, but is nothing more than a fairy tale since it certainly is not used as a guide for ethical business decisions.
Women Request US Attorney General Investigate Johnson & Johnson CEO Alex Gorsky A judge agreed that records regarding Johnson & Johnson vaginal mesh were lost and destroyed since as far back as 2007. Alex Gorsky was head of medical devices and may be covering up corruption that radiates through the entire company as well as the US Food and Drug Administration.
Johnson & Johnson: The Global Lawsuit Company Global lawsuits range from defective hips, pelvic mesh, shareholders to price-fixing, and more. JNJ has legal woes all over the planet.
Johnson & Johnson Paying Outrageous Salaries Amid Massive Layoffs, Plant Closings and Facility Deterioration Irresponsibility at J&J allows facilities to deteriorate - putting consumers at risk of harm, plants shut down by FDA for violations resulting in massive layoffs - but continued outrageous salaries such as $30 million for 2011 and $145 million retirement fund for CEO Bill Weldon - financially draining US healthcare.
The High Cost to EVERY American of Corruption at Johnson & Johnson J&J has only *one* source of income: your wallet. The DOJ has only *one* source of income: your wallet. So, our wallets buy the products, pay insurance companies, pay to prosecute J&J, pay to defend J&J and then pay the fines. Everybody say: NO MORE! (tears)
Johnson & Johnson UN-health Care If people were healthy, Johnson & Johnson would go broke. Carcinogens in consumer goods, medical devices with known long-term health consequences, in addition to drugs with side effects that require more drugs, help ensure that J&J remains profitable.
Johnson and Johnson Appears to Have More Lawsuits than Drugs in Their Pipeline The number of lawsuits against Johnson & Johnson continues to grow. Everything from faulty hips to baby carcinogens to vaginal mesh - the list of lawsuits may finally outweigh profits.
Johnson & Johnson Acquires Synthes ... and This Incredible List of US FDA Violations! Johnson & Johnson spent $21.3 Billion to buy Sythes - with Synthes already having this very long list of FDA violations in U.S. West Chester, PA, United States facility.
What Contains Formaldehyde at 200 Times OSHA Safe Exposure Limit? Johnson & Johnson Baby Shampoo. Just how risky is it to use a baby shampoo that contains 200 times the OSHA safe exposure limit of formaldehyde on your child? Read this to find out.
Response to Bill Weldon About Bad Asbury Park Press Bill Weldon This is my interpretation and response to the letter sent by William Weldon, the $29 million CEO of Johnson and Johnson to the Asbury Park Press regarding their series on the dirty reality of Johnson and Johnson.
Is Johnson and Johnson Really Giving or Just Marketing? Building trust to sell harmful products and then recall defective risky products due to lack of quality control, withholding data from FDA, doctors and patients. We're supposed to trust JNJ? Ha!
Johnson & Johnson's William Weldon's $143.5 MILLION Retirement Package Okayyy, how about the high cost of healthcare? R&D? Yeah, right.
Johnson & Johnson Synthes U.S. FDA Violation List! Johnson & Johnson spent $21.3 Billion to buy Sythes - with Synthes already having a long list of FDA violations in U.S. West Chester, PA facility.
Johnson and Toxin, Er, Johnson & Johnson. Hm, Think I Had it Right the First Time Carcinogenic contaminants, carcinogens, allergens, potential neurological damage, bribery, class action lawsuits and recalls. Maybe it's time to stop giving Johnson and Johnson our money to pay their fines?