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I wonder when the banks will realize that the pharmaceutical industry got their money and they got the bankruptcy debt.
Keywords: rising, healthcare, costs, foreclosure, economic, crisis, economy, health
Date Created/Edited: 2012, October 28
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?
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