medical bankruptcy

14 results back to index


pages: 279 words: 76,796

The Unbanking of America: How the New Middle Class Survives by Lisa Servon

Affordable Care Act / Obamacare, Airbnb, basic income, Build a better mousetrap, business cycle, Cass Sunstein, choice architecture, creative destruction, Credit Default Swap, employer provided health coverage, financial exclusion, financial independence, financial innovation, gender pay gap, George Akerlof, gig economy, income inequality, informal economy, Jane Jacobs, Joseph Schumpeter, late fees, Lyft, M-Pesa, medical bankruptcy, microcredit, Occupy movement, payday loans, peer-to-peer lending, precariat, Ralph Nader, Richard Thaler, Robert Shiller, Robert Shiller, Ronald Reagan, sharing economy, too big to fail, transaction costs, unbanked and underbanked, underbanked, universal basic income, Unsafe at Any Speed, We are the 99%, white flight, working poor, Zipcar

By 2009, it had climbed: Index Credit Cards, “Credit Card Late Fees Average $34.09, Over-the-Limit Fees Average $36.53,” indexcreditcards.com, October 6, 2009. http://www.indexcreditcards.com/creditcardlatefees/ 69 “bring money out of the shadows”: Bari Tessler Linden, “The Antidote to Money Shame,” Bari Tessler Linden blog, November 7, 2013. http://baritessler.com/2013/11/money-shame/ “flip your rich switch”: Nan Akasha, “Money Archetypes and Guilt and Shame,” Nan Akasha blog, May 29, 2012. http://www.nanakasha.com/money-archetypes-guilt-shame rise in bankruptcy filings: Jill Lepore, “The Warren Brief,” The New Yorker, April 21, 2014. http://www.newyorker.com/magazine/2014/04/21/the-warren-brief left one partner economically: David Himmelstein et al., “Medical Bankruptcy in the United States, 2007: Results of a National Study,” American Journal of Medicine, vol. 22, no. 9 (August 2009). http://www.amjmed.com/article/S0002-9343(09)00404-5/pdf cut down on abusive: Kathleen Day, “Bankruptcy Bill Passes; Bush Expected to Sign,” Washington Post, April 15, 2005. http://www.washingtonpost.com/wp-dyn/articles/A53688-2005Apr14.html 70 claims about bankruptcy fraud: Ibid.; Lepore, “The Warren Brief.”

New York: Havas, 2014. Henderson, J. Maureen. “The Surprising and Smart Reason Millennials Love Payday Loans and Prepaid Debit Cards.” Forbes, February 22, 2014. The Henry J. Kaiser Family Foundation. “Pulling It Together: The Most Popular Provision in the ACA?” Washington, DC: The Henry J. Kaiser Family Foundation, 2011. Himmelstein, David, Deborah Thorne, Elizabeth Warren, and Steffie Woolhandler. “Medical Bankruptcy in the United States, 2007: Results of a National Study.” American Journal of Medicine, vol. 22, no. 9 (2009). Huang, Daniel. “New Rules Will Change How Bank Uses Information from Reporting Agency.” Wall Street Journal, January 27, 2015. Independent Community Bankers of America. “The 2014 ICBA American Millennials and Community Banking Study.” Washington, DC: ICBA, October 2014. IndexCreditCards.


pages: 252 words: 72,473

Weapons of Math Destruction: How Big Data Increases Inequality and Threatens Democracy by Cathy O'Neil

Affordable Care Act / Obamacare, Bernie Madoff, big data - Walmart - Pop Tarts, call centre, carried interest, cloud computing, collateralized debt obligation, correlation does not imply causation, Credit Default Swap, credit default swaps / collateralized debt obligations, crowdsourcing, Emanuel Derman, housing crisis, I will remember that I didn’t make the world, and it doesn’t satisfy my equations, illegal immigration, Internet of things, late fees, mass incarceration, medical bankruptcy, Moneyball by Michael Lewis explains big data, new economy, obamacare, Occupy movement, offshore financial centre, payday loans, peer-to-peer lending, Peter Thiel, Ponzi scheme, prediction markets, price discrimination, quantitative hedge fund, Ralph Nader, RAND corporation, recommendation engine, Rubik’s Cube, Sharpe ratio, statistical model, Tim Cook: Apple, too big to fail, Unsafe at Any Speed, Upton Sinclair, Watson beat the top human players on Jeopardy!, working poor

A 2012 survey on credit card debt: Amy Traub, “Discredited: How Employment Credit Checks Keep Qualified Workers Out of a Job,” Demos, February 2013, www.​demos.​org/​sites/​default/​files/​publications/​Discredited-​Demos.​pdf. the single biggest cause of bankruptcies: Christina LaMontagne, “NerdWallet Health Finds Medical Bankruptcy Accounts for Majority of Personal Bankruptcies,” NerdWallet, March 26, 2014, www.​nerdwallet.​com/​blog/​health/​medical-​costs/​medical-​bankruptcy/. white households held on average: Tami Luhby, “The Black-White Economic Divide in 5 Charts,” CNN Money, November 25, 2015, http://​money.​cnn.​com/​2015/​11/​24/​news/​economy/​blacks-​whites-​inequality/. only 15 percent of whites: Rakesh Kochhar, Richard Fry, and Paul Taylor, “Wealth Gaps Rise to Record Highs Between Whites, Blacks, Hispanics: Twenty-to-One,” Pew Research Center, July 26, 2011, www.​pewsocialtrends.​org/​2011/​07/​26/​wealth-​gaps-​rise-​to-​record-​highs-​between-​whites-​blacks-​hispanics/.


pages: 362 words: 83,464

The New Class Conflict by Joel Kotkin

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, affirmative action, Affordable Care Act / Obamacare, American Society of Civil Engineers: Report Card, Bob Noyce, California gold rush, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, creative destruction, crony capitalism, David Graeber, deindustrialization, don't be evil, Downton Abbey, Edward Glaeser, Elon Musk, energy security, falling living standards, future of work, Gini coefficient, Google bus, housing crisis, income inequality, informal economy, Internet of things, Jane Jacobs, Jaron Lanier, Jeff Bezos, job automation, John Markoff, John von Neumann, Joseph Schumpeter, Kevin Kelly, labor-force participation, low-wage service sector, Marc Andreessen, Mark Zuckerberg, mass affluent, McJob, McMansion, medical bankruptcy, Nate Silver, New Economic Geography, new economy, New Urbanism, obamacare, offshore financial centre, Paul Buchheit, payday loans, Peter Calthorpe, plutocrats, Plutocrats, post-industrial society, RAND corporation, Ray Kurzweil, rent control, rent-seeking, Report Card for America’s Infrastructure, Richard Florida, Silicon Valley, Silicon Valley ideology, Steve Jobs, technoutopianism, The Death and Life of Great American Cities, Thomas L Friedman, too big to fail, transcontinental railway, trickle-down economics, Tyler Cowen: Great Stagnation, upwardly mobile, urban planning, urban sprawl, War on Poverty, women in the workforce, working poor, young professional

Richard Henderson, “Industry Employment and Output Projections to 2020,” Monthly Labor Review, vol. 135, no. 1 (January 2012): 65–83. 46. Phillip Longman and Paul S. Hewitt, “After Obamacare,” Washington Monthly, January/February 2014, p. 39. Dan Mangan, “Medical Bills Are the Biggest Cause of U.S. Bankruptcies: Study,” CNBC.com, June 25, 2013, http://www.cnbc.com/id/100840148; Christina LaMontagne, “NerdWallet Health finds Medical Bankruptcy Accounts for Majority of Personal Bankruptcies,” NerdWallet, March 26, 2014, http://www.nerdwallet.com/blog/health/2014/03/26/medical-bankruptcy. 47. Ronald Brownstein, “Eclipsed,” National Journal, May 28, 2011, http://www.nationaljournal.com/columns/political-connections/white-working-class-americans-see-future-as-gloomy-20110526; Ronald Brownstein, “Meet the New Middle Class: Who They Are, What They Want, and What They Fear,” Atlantic, April 25, 2013, http://www.theatlantic.com/business/archive/2013/04/meet-the-new-middle-class-who-they-are-what-they-want-and-what-they-fear/275307; Phil Izzo, “Bleak News for Americans’ Income,” Wall Street Journal, October 14, 2011. 48.


pages: 366 words: 94,209

Throwing Rocks at the Google Bus: How Growth Became the Enemy of Prosperity by Douglas Rushkoff

activist fund / activist shareholder / activist investor, Airbnb, algorithmic trading, Amazon Mechanical Turk, Andrew Keen, bank run, banking crisis, barriers to entry, bitcoin, blockchain, Burning Man, business process, buy and hold, buy low sell high, California gold rush, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, centralized clearinghouse, citizen journalism, clean water, cloud computing, collaborative economy, collective bargaining, colonial exploitation, Community Supported Agriculture, corporate personhood, corporate raider, creative destruction, crowdsourcing, cryptocurrency, disintermediation, diversified portfolio, Elon Musk, Erik Brynjolfsson, Ethereum, ethereum blockchain, fiat currency, Firefox, Flash crash, full employment, future of work, gig economy, Gini coefficient, global supply chain, global village, Google bus, Howard Rheingold, IBM and the Holocaust, impulse control, income inequality, index fund, iterative process, Jaron Lanier, Jeff Bezos, jimmy wales, job automation, Joseph Schumpeter, Kickstarter, loss aversion, Lyft, Marc Andreessen, Mark Zuckerberg, market bubble, market fundamentalism, Marshall McLuhan, means of production, medical bankruptcy, minimum viable product, Mitch Kapor, Naomi Klein, Network effects, new economy, Norbert Wiener, Oculus Rift, passive investing, payday loans, peer-to-peer lending, Peter Thiel, post-industrial society, profit motive, quantitative easing, race to the bottom, recommendation engine, reserve currency, RFID, Richard Stallman, ride hailing / ride sharing, Ronald Reagan, Satoshi Nakamoto, Second Machine Age, shareholder value, sharing economy, Silicon Valley, Snapchat, social graph, software patent, Steve Jobs, TaskRabbit, The Future of Employment, trade route, transportation-network company, Turing test, Uber and Lyft, Uber for X, uber lyft, unpaid internship, Y Combinator, young professional, zero-sum game, Zipcar

David Johnston, Sam Onat Yilmaz, Jeremy Kandah, Nikos Bentenitis, Farzad Hashemi, Ron Gross, Shawn Wilkinson, and Steven Mason, “The General Theory of Decentralized Applications, Dapps,” github.com, June 9, 2014. 44. Nakamoto, “Bitcoin: A Peer-to-Peer Electronic Cash System.” 45. National Patient Advocate Foundation, “Issue Brief: Medical Debt, Medical Bankruptcy and the Impact on Patients,” npaf.org, September 2012. 46. Dan Mangan, “Medical Bills Are the Biggest Cause of US Bankruptcies: Study,” cnbc.com, June 25, 2013. 47. National Patient Advocate Foundation, “Issue Brief: Medical Debt, Medical Bankruptcy and the Impact on Patients.” 48. rollingjubilee.org. 49. Interview with Astra Taylor, cofounder of Strike Debt and the Rolling Jubilee, conducted by e-mail, July 24, 2015. 50. “A Look Back at the 2012 ABA Indie Impact Study Series,” localismbythe numbers.com, June 11, 2014. 51.


pages: 254 words: 61,387

This Could Be Our Future: A Manifesto for a More Generous World by Yancey Strickler

basic income, big-box store, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, cognitive dissonance, corporate governance, Daniel Kahneman / Amos Tversky, David Graeber, Donald Trump, Doomsday Clock, effective altruism, Elon Musk, financial independence, gender pay gap, global supply chain, housing crisis, Ignaz Semmelweis: hand washing, invention of the printing press, invisible hand, Jeff Bezos, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Nash: game theory, Joi Ito, Joseph Schumpeter, Kickstarter, Louis Pasteur, Mark Zuckerberg, medical bankruptcy, new economy, Oculus Rift, off grid, offshore financial centre, Ralph Nader, RAND corporation, Richard Thaler, Ronald Reagan, self-driving car, shareholder value, Silicon Valley, Simon Kuznets, Snapchat, Social Responsibility of Business Is to Increase Its Profits, stem cell, Steve Jobs, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, Travis Kalanick, universal basic income, white flight

shift our behavior: Daniel Kahneman and Amos Tversky’s work is collected in the book Thinking, Fast and Slow. how we think: Dan Ariely writes about our emotions’ effect on our choices in his 2008 book Predictably Irrational: The Hidden Forces That Shape Our Decisions. 62 percent of personal bankruptcies: 62 percent of American bankruptcies are caused by medical bills according to a 2009 report published in the American Journal of Medicine (“Medical Bankruptcy in the United States, 2007: Results of a National Study” by David U. Himmelstein, Deborah Thorne, Elizabeth Warren, and Steffie Woolhandler). reap growing profits: Examples of companies raising drug prices of existing drugs include the EpiPen, insulin (by three major manufacturers), and Daraprim. not workers or the future: Data on more money spent on buybacks than R&D in 2018 comes from a CNBC report (“Capital Expenditures Surge to 25-Year High, R&D Jumps 14% as Companies Spend Tax Cut Riches Freely,” September 17, 2018).


pages: 552 words: 168,518

MacroWikinomics: Rebooting Business and the World by Don Tapscott, Anthony D. Williams

accounting loophole / creative accounting, airport security, Andrew Keen, augmented reality, Ayatollah Khomeini, barriers to entry, Ben Horowitz, bioinformatics, Bretton Woods, business climate, business process, buy and hold, car-free, carbon footprint, Charles Lindbergh, citizen journalism, Clayton Christensen, clean water, Climategate, Climatic Research Unit, cloud computing, collaborative editing, collapse of Lehman Brothers, collateralized debt obligation, colonial rule, commoditize, corporate governance, corporate social responsibility, creative destruction, crowdsourcing, death of newspapers, demographic transition, disruptive innovation, distributed generation, don't be evil, en.wikipedia.org, energy security, energy transition, Exxon Valdez, failed state, fault tolerance, financial innovation, Galaxy Zoo, game design, global village, Google Earth, Hans Rosling, hive mind, Home mortgage interest deduction, information asymmetry, interchangeable parts, Internet of things, invention of movable type, Isaac Newton, James Watt: steam engine, Jaron Lanier, jimmy wales, Joseph Schumpeter, Julian Assange, Kevin Kelly, Kickstarter, knowledge economy, knowledge worker, Marc Andreessen, Marshall McLuhan, mass immigration, medical bankruptcy, megacity, mortgage tax deduction, Netflix Prize, new economy, Nicholas Carr, oil shock, old-boy network, online collectivism, open borders, open economy, pattern recognition, peer-to-peer lending, personalized medicine, Ray Kurzweil, RFID, ride hailing / ride sharing, Ronald Reagan, Rubik’s Cube, scientific mainstream, shareholder value, Silicon Valley, Skype, smart grid, smart meter, social graph, social web, software patent, Steve Jobs, text mining, the scientific method, The Wisdom of Crowds, transaction costs, transfer pricing, University of East Anglia, urban sprawl, value at risk, WikiLeaks, X Prize, young professional, Zipcar

Kauffman Foundation Research Series: Firm Formation and Economic Growth, November 2009. 7. Ken Terry, “Health Spending Hits 17.3 Percent of GDP In Largest Annual Jump,” B Net (February 4, 2010). 8. “Life Expectancy at Birth,” CIO World Factbook. See: https://www.cia.gov/library/publications/the-world-factbook/rankorder/2102rank.html. 9. D. U. Himmelstein, D. Thorne, E. Warren, et al., “Medical bankruptcy in the United States, 2007: Results of a national study,” The American Journal of Medicine (August 2009). 10. Karen Pallarito, “Government to Pay for More Than Half of U.S. Health Care Costs,” U.S. News (February 4, 2010). 11. Geoffrey Lean, “Water scarcity ‘now bigger threat than financial crisis,’” The Independent (March 15, 2009). 12. Source: http://www.globalissues.org/article/75/world-military-spending. 13.

Erica Westly, “50 Most Innovative Companies in the World: #23 PatientsLikeMe,” Fast Company (February 17, 2010). 4. Ibid. 5. “Health care spending in Canada to exceed $180 billion this year,” Canadian Institute for Health Information (November 19, 2009). 6. Robert Kelley, “Where Can $700 Billion In Waste Be Cut Annually From The U.S. Healthcare System?” Thomson Reuters (October 27, 2009). 7. D. Himmelstein, D. Thorne, E. Warren, et al., ”Medical bankruptcy in the United States, 2007: results of a national study,” American Journal of Medicine (August 2009). 8. J. Lubitz and G. Riley, “Trends in Medicare payments in the last year of life,” New England Journal of Medicine (April 1993). 9. Greg Keller, “US Tops World in Health Care Spending, Results Lag,” ABC News (December 8, 2009). 10. “Country Comparison: Life Expectancy at Birth,” Central Intelligence Agency World Fact Book (2009). 11.


pages: 526 words: 160,601

A Generation of Sociopaths: How the Baby Boomers Betrayed America by Bruce Cannon Gibney

1960s counterculture, 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, affirmative action, Affordable Care Act / Obamacare, American Society of Civil Engineers: Report Card, Bernie Madoff, Bernie Sanders, Bretton Woods, business cycle, buy and hold, carbon footprint, Charles Lindbergh, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, corporate personhood, Corrections Corporation of America, currency manipulation / currency intervention, Daniel Kahneman / Amos Tversky, dark matter, Deng Xiaoping, Donald Trump, Downton Abbey, Edward Snowden, Elon Musk, ending welfare as we know it, equal pay for equal work, failed state, financial deregulation, Francis Fukuyama: the end of history, future of work, gender pay gap, gig economy, Haight Ashbury, Home mortgage interest deduction, Hyperloop, illegal immigration, impulse control, income inequality, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Jane Jacobs, Kitchen Debate, labor-force participation, Long Term Capital Management, Lyft, Mark Zuckerberg, market bubble, mass immigration, mass incarceration, McMansion, medical bankruptcy, Menlo Park, Mont Pelerin Society, moral hazard, mortgage debt, mortgage tax deduction, neoliberal agenda, Network effects, obamacare, offshore financial centre, oil shock, operation paperclip, plutocrats, Plutocrats, Ponzi scheme, price stability, quantitative easing, Ralph Waldo Emerson, RAND corporation, rent control, ride hailing / ride sharing, risk tolerance, Robert Shiller, Robert Shiller, Ronald Reagan, Rubik’s Cube, school choice, secular stagnation, self-driving car, shareholder value, short selling, side project, Silicon Valley, smart grid, Snapchat, source of truth, stem cell, Steve Jobs, Stewart Brand, survivorship bias, TaskRabbit, The Wealth of Nations by Adam Smith, Tim Cook: Apple, too big to fail, War on Poverty, white picket fence, Whole Earth Catalog, women in the workforce, Y2K, Yom Kippur War, zero-sum game

A large minority of bankruptcies come from catastrophic health-care costs, and some of these can (and, as an accounting matter, are) just written off as bad luck. Nevertheless, medical bankruptcies have their own sociopathic aspects, given the Boomers’ lackadaisical attitudes toward their own physical and financial health, and their failure to enact comprehensive insurance reform. And much of the dollar volume of bankruptcies derives from nonmedical imprudence. The Boomers made mistakes and crafted remedial laws in response; with their errors absolved, bankruptcy reform can trend toward the punitive, except, of course, in the case of medical bankruptcies, where we can expect the Boomers to indulge in more legislative forgiveness. Repayment Despite its alarming size, the national debt neither can be nor should be entirely repaid, certainly not within the lifetime of any American now living.


pages: 300 words: 78,475

Third World America: How Our Politicians Are Abandoning the Middle Class and Betraying the American Dream by Arianna Huffington

American Society of Civil Engineers: Report Card, Bernie Madoff, Bernie Sanders, call centre, carried interest, citizen journalism, clean water, collateralized debt obligation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, David Brooks, extreme commuting, Exxon Valdez, full employment, greed is good, housing crisis, immigration reform, invisible hand, knowledge economy, laissez-faire capitalism, late fees, market bubble, market fundamentalism, Martin Wolf, medical bankruptcy, microcredit, new economy, New Journalism, offshore financial centre, Ponzi scheme, post-work, Report Card for America’s Infrastructure, Richard Florida, Ronald Reagan, Rosa Parks, single-payer health, smart grid, The Wealth of Nations by Adam Smith, too big to fail, transcontinental railway, trickle-down economics, winner-take-all economy, working poor, Works Progress Administration

Our elected leaders utterly ignored the fact that the vast majority of people who file for bankruptcy are middle-class folks who can’t pay their bills because they’ve lost their jobs or been hit with high medical bills. In fact, a 2009 study by researchers at Harvard and Ohio University showed that healthcare problems were the root cause of 62 percent of all personal bankruptcies in America in 2007.75 Using that rate, roughly 900,000 of 2009’s 1.4 million bankruptcy filings were medical bankruptcies.76 Or, to put it another way: Just over every thirty seconds someone in this country files for bankruptcy in the wake of a serious illness. How’s that for a shocking stat? Here’s another: 78 percent of the so-called medically bankrupt had health insurance at the time of their illness.77 It just wasn’t enough to cover the dramatic rise in health-care costs. Barry Bosworth and Rosanna Smart of the Brookings Institution found that the catastrophic collapse of the 2008 subprime mortgage market resulted in the disappearance of $13 trillion in American household wealth between mid-2007 and March 2009.78 Bosworth and Smart also found that “on average, U.S. households lost one quarter of their wealth in that period.”


pages: 232 words: 77,956

Private Island: Why Britain Now Belongs to Someone Else by James Meek

Affordable Care Act / Obamacare, Berlin Wall, business continuity plan, call centre, clean water, Deng Xiaoping, Etonian, HESCO bastion, housing crisis, illegal immigration, Martin Wolf, medical bankruptcy, Mikhail Gorbachev, post-industrial society, pre–internet, price mechanism, Right to Buy, risk tolerance, road to serfdom, Ronald Reagan, Rubik’s Cube, Skype, sovereign wealth fund, Washington Consensus, working poor

Among the common ailments were neurological conditions like multiple sclerosis, which left households $34,000 out of pocket on average, diabetes ($26,000) and stroke ($23,000). In his paper ‘Sick and (Still) Broke’, the lawyer Ryan Sugden points out that while the ACA puts a helpful cap on copayments, it doesn’t eliminate them, and does little to help people who have to quit work through their or a child’s illness. ‘While the Affordable Care Act will reduce the overall number of bankruptcies, and arguably eliminate the most morally objectionable causes of medical bankruptcy, in a system based on market principles there will – and must – be consumers whose own bad choices spell financial trouble,’ he writes. ‘For society to “win” and receive the benefits of a consumer-driven system, there must be some who “lose”.’ Latest figures from the OECD and the World Health Organisation suggest that the US spends 2.4 times more on health per person than Britain, yet Britons live slightly longer, on average, than Americans.


pages: 231 words: 76,283

Work Optional: Retire Early the Non-Penny-Pinching Way by Tanja Hester

"side hustle", Affordable Care Act / Obamacare, Airbnb, anti-work, asset allocation, barriers to entry, buy and hold, crowdsourcing, diversification, estate planning, financial independence, full employment, gig economy, hedonic treadmill, high net worth, index fund, labor-force participation, longitudinal study, medical bankruptcy, mortgage debt, obamacare, passive income, post-work, remote working, rent control, ride hailing / ride sharing, risk tolerance, stocks for the long run, Vanguard fund

But explore other options like part-time work first, before you empty out your savings. Maintain the Right Insurance While insurance is not a guarantee that you’ll never have large, out-of-pocket expenses, carrying the right insurance in early retirement will insulate you financially against some of the worst challenges. We’ve discussed at length the importance of maintaining excellent health insurance. According to Families USA, two-thirds of medical bankruptcies happen among people with health insurance—and that’s a stat that reflects the passage of the Affordable Care Act, when many more people are insured now. It’s a critical reminder not just to stay insured but also to keep yourself protected by solid insurance with good coverage levels and a reasonable out-of-pocket maximum that you could theoretically afford to pay every year. If paying a particular plan’s out-of-pocket maximum for a few years would devastate your early retirement finances, find another insurance plan with a lower max.


pages: 602 words: 120,848

Winner-Take-All Politics: How Washington Made the Rich Richer-And Turned Its Back on the Middle Class by Paul Pierson, Jacob S. Hacker

accounting loophole / creative accounting, active measures, affirmative action, asset allocation, barriers to entry, Bonfire of the Vanities, business climate, business cycle, carried interest, Cass Sunstein, clean water, collective bargaining, corporate governance, Credit Default Swap, David Brooks, desegregation, employer provided health coverage, financial deregulation, financial innovation, financial intermediation, fixed income, full employment, Home mortgage interest deduction, Howard Zinn, income inequality, invisible hand, knowledge economy, laissez-faire capitalism, Martin Wolf, medical bankruptcy, moral hazard, Nate Silver, new economy, night-watchman state, offshore financial centre, oil shock, Powell Memorandum, Ralph Nader, Ronald Reagan, shareholder value, Silicon Valley, The Wealth of Nations by Adam Smith, too big to fail, trickle-down economics, union organizing, very high income, War on Poverty, winner-take-all economy, women in the workforce

Economic Mobility Initiative: An Initiative of the Pew Charitable Trusts (February 2008). 17 Wojciech Kopczuk, Emmanuel Saez, and Jae Song, “Uncovering the American Dream: Inequality and Mobility in Social Security Earnings Data Since 1937,” National Bureau of Economic Research (NBER) Working Paper No. 13345 (August 2007), 14, 40. 18 Miles Corak, “Chasing the Same Dream, Climbing Different Ladders: Economic Mobility in the United States and Canada,” Economic Mobility Initiative: An Initiative of the Pew Charitable Trusts (January 2009), 7. 19 See table 3.13: Change in Private Sector Employer-Provided Pension Coverage, 1979–2006 in Lawrence Mishel, Jared Bernstein, and Heidi Shierholz, The State of Working America 2008/2009 (Cornell: Cornell University Press, 2008). 20 Jack VanDerhei, Sarah Holden, and Luis Alonso, “401(k) Plan Asset Allocation, Account Balances, and Loan Activity in 2008,” Employee Benefit Research Institute No. 335 (October 2009): 16. 21 Alicia H. Munnell, Anthony Webb, and Francesca Golub-Sass, “The National Retirement Risk Index: After the Crash,” Center for Retirement Research at Boston College Brief No. 9–22 (October 2009). 22 David Himmelstein, Deborah Thorne, Elizabeth Warren, and Steffie Woolhandler, “Medical Bankruptcy in the United States, 2007: Results of a National Study,” American Journal of Medicine 122: 8 (2007): 741–746. 23 Organization for Economic Cooperation and Development, OECD Health Data 2009—Frequently Requested Data (November 2009), http://www.irdes.fr/EcoSante/DownLoad/OECDHealthData_FrequentlyRequestedData.xls. 24 Jacob S. Hacker, “The New Push for American Health Security,” in Health at Risk: America’s Ailing Health System—and How to Heal It, Jacob S.


pages: 504 words: 129,087

The Ones We've Been Waiting For: How a New Generation of Leaders Will Transform America by Charlotte Alter

"side hustle", 4chan, affirmative action, Affordable Care Act / Obamacare, basic income, Berlin Wall, Bernie Sanders, carbon footprint, clean water, collective bargaining, Columbine, corporate personhood, correlation does not imply causation, Credit Default Swap, crowdsourcing, David Brooks, Donald Trump, double helix, East Village, ending welfare as we know it, Fall of the Berlin Wall, feminist movement, Ferguson, Missouri, financial deregulation, Francis Fukuyama: the end of history, gig economy, glass ceiling, Google Hangouts, housing crisis, illegal immigration, immigration reform, income inequality, Intergovernmental Panel on Climate Change (IPCC), job-hopping, Kevin Kelly, knowledge economy, Lyft, mandatory minimum, Marc Andreessen, Mark Zuckerberg, mass incarceration, McMansion, medical bankruptcy, move fast and break things, move fast and break things, Nate Silver, obamacare, Occupy movement, passive income, pre–internet, race to the bottom, RAND corporation, Ronald Reagan, sexual politics, Silicon Valley, single-payer health, Snapchat, TaskRabbit, too big to fail, Uber and Lyft, uber lyft, universal basic income, unpaid internship, We are the 99%, white picket fence, working poor, Works Progress Administration

Eric saw the ACA as an example of Obama’s enduring belief that it was better to get something than nothing. If the president had held out for a public option, Eric knew, he likely would have walked away empty-handed. The Affordable Care Act was a huge win for the public: it prohibited insurance companies from applying lifetime caps on coverage or discriminating against people with preexisting conditions, which helped cut medical bankruptcies in half; greatly expanded Medicaid so millions more low-income people could get coverage; and allowed young people to stay on their parents’ health insurance until they were twenty-six (which was especially helpful to underemployed millennials for whom employer-sponsored health insurance seemed like an impossible luxury). The bill also mandated that everyone buy health insurance or pay a penalty, which forced many young healthy people to dig into their (empty) pockets to buy insurance they would have ordinarily skipped.


pages: 580 words: 168,476

The Price of Inequality: How Today's Divided Society Endangers Our Future by Joseph E. Stiglitz

"Robert Solow", affirmative action, Affordable Care Act / Obamacare, airline deregulation, Andrei Shleifer, banking crisis, barriers to entry, Basel III, battle of ideas, Berlin Wall, business cycle, capital controls, Carmen Reinhart, Cass Sunstein, central bank independence, collapse of Lehman Brothers, collective bargaining, colonial rule, corporate governance, Credit Default Swap, Daniel Kahneman / Amos Tversky, Dava Sobel, declining real wages, deskilling, Exxon Valdez, Fall of the Berlin Wall, financial deregulation, financial innovation, Flash crash, framing effect, full employment, George Akerlof, Gini coefficient, income inequality, income per capita, indoor plumbing, inflation targeting, information asymmetry, invisible hand, jobless men, John Harrison: Longitude, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, Kenneth Arrow, Kenneth Rogoff, London Interbank Offered Rate, lone genius, low skilled workers, Marc Andreessen, Mark Zuckerberg, market bubble, market fundamentalism, mass incarceration, medical bankruptcy, microcredit, moral hazard, mortgage tax deduction, negative equity, obamacare, offshore financial centre, paper trading, Pareto efficiency, patent troll, Paul Samuelson, payday loans, price stability, profit maximization, profit motive, purchasing power parity, race to the bottom, rent-seeking, reserve currency, Richard Thaler, Robert Shiller, Robert Shiller, Ronald Coase, Ronald Reagan, shareholder value, short selling, Silicon Valley, Simon Kuznets, spectrum auction, Steve Jobs, technology bubble, The Chicago School, The Fortune at the Bottom of the Pyramid, The Myth of the Rational Market, The Spirit Level, The Wealth of Nations by Adam Smith, too big to fail, trade liberalization, transaction costs, trickle-down economics, ultimatum game, uranium enrichment, very high income, We are the 99%, wealth creators, women in the workforce, zero-sum game

“conservatively” estimate that “62.1% of all bankruptcies in 2007 were medical,” that is, had important medical factors as a contributor. Furthermore, “most medical debtors were well educated, owned homes, and had middle-class occupations. Three quarters had health insurance. Using identical definitions, between 2001 and 2007, the share of bankruptcies attributable to medical problems rose by 49.6%.” D. Himmelstein, D. Thorne, E. Warren, and S. Woolhandler, “Medical Bankruptcy in the United States, 2007: Results of a National Study,” American Journal of Medicine 122, no. 8 (2009): 741–46. In terms of getting at a more causal measure, i.e., estimating the direct effect of a health shock on the decision of whether or not to declare bankruptcy, Gross and Notowidigdo find “that out-of-pocket medical costs are pivotal in roughly 26 percent of personal bankruptcies among low-income households.”


She Has Her Mother's Laugh by Carl Zimmer

23andMe, agricultural Revolution, clean water, clockwatching, cloud computing, dark matter, discovery of DNA, double helix, Drosophila, Elon Musk, epigenetics, Fellow of the Royal Society, Flynn Effect, friendly fire, Gary Taubes, germ theory of disease, Isaac Newton, longitudinal study, medical bankruptcy, meta analysis, meta-analysis, microbiome, moral panic, mouse model, New Journalism, out of africa, phenotype, Ralph Waldo Emerson, Scientific racism, statistical model, stem cell, twin studies

In the United States, affluent parents can afford a house in a good public school district, or even private school tuition. They can pay for college test prep classes to increase the odds their children will get into good colleges. And if they do get in, their parents can cover more of their college tuitions. Poor parents have fewer means to prepare their children to get into college. Even if their children do get accepted, they have fewer funds, and they’re more vulnerable to layoffs or medical bankruptcy. Their children may graduate saddled with steep college debts or drop out before getting a degree. The gifts that children inherit can keep coming well into adulthood. Parents may help cover the cost of law school, or write a check to help out with a septic tank that failed just after their children bought their first house. Protected from catastrophes that can wipe out bank accounts, young adults from affluent families can get started sooner on building their own wealth.