Judging on the past of health care and the major developments that have been made in the last 150 years, the economics of it all have also changed dramatically. The demand for health care is nowhere near meeting the supply, struggling with retaining employees and offering efficient care all over the world. The health care economy is the most grossing industry in the United States, with a gross domestic product of 3.5 trillion dollars. With results like that, elasticity in health care seems somewhat unheard of. The need for health care is dire, yet the prices just increase.
Socialized Medicine Socialized medicine has recently been a hot topic in today’s American Society. Many political leaders are pushing to have Americas health care system socialized. However many people feel that there are too many problems with it and do not want to separate from the American health care system. Both sides’ present good arguments as to why or why not America should convert to the socialized health care system. Created in 1970, socialized health plans provide free public healthcare.
Being unable to afford transportation, proper treatment, and recommended therapies are several examples that the people in the minority group suffer from. In other cases there are a curtain group of people who unfortunately are unable to communicate effectively exposing them in danger of getting improper treatment. Although the United State is said to be a land of freedom and liberty many wouldn’t agree with it, as they are bound by the obstacles that make it almost impossible for them to get medical attention or treatment. Unfortunately there are inequalities, even when it is regarding the well being of a human being. Medical Expenses Barriers The United States lamentably is a Country, that doesn’t have a program designed to prevent their citizens from having to live without health care insurance.
The bull market was when prices were rising due to automobiles; steel was selling at a record high but was going down very fast. If the bull market ended when they weren’t prepared for it, then it would of left many of those investors in debt. Because other investors, which were just mostly your day-to-day average person, saw the wealthy investors selling, they decided to do the same which caused a big fall in the stocks. No matter how hard President Herbert Hoover tried to say the economy was fine, everybody continued to sell. Then finally on October 29,1929th the stock market crashed, because no one was buying and this directly led to the Great Depression.
For example, creating numerous amount of jobs and homes which are going to be occupied just for a certain period of time because the upcoming generation is not as massive as the baby boomers. The ageing population is going to impact Canada’s economy because of the increase in taxes, the numerous amount of money invested in the retiring baby boomers, and it would break our economy due to America’s suffering economy. First off, the economy would suffer massively due to the increase in the tax rates. When the baby boomers begin to retire the taxes would rise so the government can support their needs. Since the baby boomers would retire at such a late age, majority of them would not be so healthy.
17, Issue 31). There is a direct correlation between poverty and rising health care costs that make it hard to afford the health care that is need for a family. This author wants to explore the affects this is having on our children, marriage and domestically. Review of literature Over the past 30 years researchers have demonstrated that the number of Americans without health insurance- mostly lower class has steadily risen. Economists estimate about 2 trillion will be spent on medical care in 2007.
According to Gallup, the lack of good jobs in America is a greater problem than the inefficient healthcare costs, runaway government spending, and even global terrorism. The lack of good jobs is a poignant crisis in America today, and is making our nation bankrupt. When GDP is up, there are more jobs in a nation, resulting in better welfare. This is why GDP is so important to the welfare of its citizens. GDP is the sum of all goods and services produced in a country during a year (Ferrell).
The imbalance has caused the middle class people to work longer hours to get out of terrible debt. In 1980, the average US household debt per person was less than $20,000. In 2008, it increased to nearly $50,000. According to director Charles Ferguson's lucid, probing exploration of what caused the recent financial crisis that nearly crippled the world market; the increase impersonal debt was one of the many consequences of a series of events that began with the deregulation of the financial industry under President Reagan in the 1980s. Just around the time Gordon Gekko was spouting, the virtues of greed in Wall
This debt has been accumulated over the past thirty years and has been growing much faster than the overall level of GDP. This poses serious threat for the economy as sooner or later this debt bubble will burst just like the housing bubble which led to the financial crisis in 2007. The bursting of the debt bubble will cripple the entire economy as it has become dependent on borrowing and debt. Nearly all the transactions of the economy is done on a credit basis, adding to the overall national debt. A burst of this bubble would affect the increasing standard of living being enjoyed by the citizens of America today.
Over the past years the cost of medical treatment is increasing faster than the income of the people living in the U.S., and it is expected to rise even more. The problems arising from this situation are nocking everybody’s door, and they are a special case for families under the category of low-income society who do not afford to have health insurance, which is very expensive. This condition is one headache for patients and their families in addition to the pain arising from their sickness. Only those who are insured can skip the situation. The question is how money Americas are insured?