How Economics Changes Can Affect Families Lives

Financial burdens greatly limit the system’s accessibility; however, many in the U.S. are unable to fully utilize either option. Census estimates from 1999 indicate that 43 million Americans live without health insurance even though 75 percent of them have a full-time job or live in a household with at least one member working full-time (Mueller, , 5) In addition to the totally uninsured, census estimates also reveal that approximately 42 million other people in the U.S. are underinsured. This means that they have some insurance, but are still unable to afford all of their needed prescriptions, tests, visits to physicians, or hospital

The U.S. healthcare system is remarkably complex, and even healthcare workers struggle to understand it. The U.S. population gets health coverage by government programs, employers, and private insurance. Notably, because of the complexity and fragmentation of the health care system, there is a percentage of the population that remains uninsured. According to CNN Money, the uninsured rate in the U.S. dropped from 18.2% in 2010 to 10.3% in 2016, this drop was under Affordable Care Act(ACA) (). The goal of the ACA was not to give health coverage to all the uninsured population, rather it was to try to decrease the percentage of the population that remained uninsured(). There is a lot of inequality in the distribution of health among the U.S. population

The unemployment rate has gone so high that it leaves families to deal with psychological and economic effects of the impact of unemployment. Unemployment has caused many people to have to foreclose on their homes. The vast majority are hit hard in the black communities.

The U.S. health care system faces challenges that indicate that the people urgently need to be reform. Attention has rightly focused on the approximately 46 million Americans who are uninsured, and on the many insured Americans who face rapid increases in premiums and out-of-pocket costs. As Congress and the Obama administration consider ways to invest new funds to reduce the number of Americans without insurance coverage, we must simultaneously address shortfalls in the quality and efficiency of care that lead to higher costs and to poor health outcomes. To do otherwise casts doubt on the feasibility and sustainability of coverage expansions and also ensures that our current health care system will continue to have large gaps even for those with access to insurance coverage.

Families found themselves setting up in a way unfamiliar before. The Depression bombarded families who lost everything in their saving accounts and were suddenly facing poverty. Around nine million families lost everything they had in the banks creating two kinds of poor; the poor who were already suffering to make a living and new the “new poor ,” middle class Americans losing their homes left and right. Men and women’s roles

The cost of health insurance has changed drastically over the years as it has become more expensive. Depending on personal characteristic, the cost of health insurance may vary. For instance, as individuals grow older the more expensive it becomes. In this case, health insurance is more costly because “older individuals require more health care” therefore “the cost of providing health care is rising” (Madura &Atlantic, 2012). Not only does this affect the high cost of health insurance, but the number of individuals uninsured. As stated by Madura and Atlantic (2012), “about one in every five workers is uninsured” and has increased since then because health insurance has become unaffordable. As a result, individuals tend to seek health care elsewhere as they can no longer

Recently the Untied States top priority has been to provide accessible and affordable health care to every American. Those that lack access to coverage find it much more difficult to seek proper treatment and when they do they maybe left with astronomical medical bills. The CommanWealth Fund found that one-third or thirty three percent of Americans forgo health care because of costs and one-fifth or twenty percent are thus left with medical bills that have problems being able to pay. The federal government, through the Affordable Care Act (2010), has mandated that every person have health coverage in order

Together, they made around $83,000 and had around $90,000 in assets which placed them solidly in the middle class. Twelve years later, Allison and David experienced setbacks but increased their income to about $125,000. Their financial assets quadrupled to a whopping $368,000 and saved up thousands of dollars for retirement. However, with the economy downsizing on the heels of the Great Recession and uneven job recovery heavily tilted toward low-wage jobs, David joined millions of other Americans in unemployment. Having spent half a year unemployed, David returned to work working at a significantly lower wage. Over the course of 12 years, David witnessed how work became less stable and more contingent for many Americans. The working experience illustrates a larger transformation in America’s employment landscape, away from middle-class jobs and jobs with significant benefits toward low-paying jobs with few benefits, accelerated by the Great Recession.

Nearly 48 million Americans had no health care coverage in 2005, and the number will

Before the Obamacare, many individuals had no medical insurance. A noted author, Amy Anderson state: “Approximated 30 million Americans were anticipated to gain health insurance through the Affordable Care Act (ACA) or Obamacare; a comprehensive healthy workforce would be needed to meet the massive demand”. (Anderson, 2014)

The rising cost of health care has led companies to stop offering health insurance for employees, and private insurance is often too expensive for people to afford. Many families make too much money to qualify for Medicaid, but are unable to pay for private health insurance. Health care costs in the United States have more than doubled in the last twenty years. Insurance premiums are rising five times faster than wages, and Americans are spending more money on health care than people in any other country. The average amount one person pays per year for health care in the United States is 134 times higher than the average of other industrialized countries (“Health Care Issues”). Even people who have insurance aren’t guaranteed coverage. Many insurance companies find loopholes to avoid paying for expensive medical treatment, leaving people with massive debt from medical bills. Medical bills and illness cause over half of all personal bankruptcies in the United

In the U.S., the primary source of income comes from jobs. However, people are unable to find jobs because businesses are outsourcing unskilled labor to developing countries since workers there are willing to be paid less than the average American worker. This creates problems for people who are trying to look for jobs because many lack the skills to function in a job that requires skill and will remain jobless until they find unskilled labor jobs. Since the Recession, working class families who had lost their jobs are struggling to survive due to the little job availability (Heritage Foundation, 2011). Because the majority of working class families are suffering from prolonged

But even the strongest economies struggle sometimes. It is because of this economic rollercoaster our country has been experiencing for the past decade that this beautiful, iridescent, silver Dream of ours has taken on a bit of tarnish .Our current generation faces mass unemployment, the levels of which have not been seen in decades, our generation of young adults faces record levels of employability as well as overwhelming college debt.

African Americans have come a long way in the last few decades. We have more rights, more opportunities to grow and prosper and more independence than ever before. But the same cannot be said for African American families as a whole. The African American family and community is in trouble (Tilove, 2005). These families are facing many issues today that are contributing to their break down. These factors include poverty, diminishing health, welfare, incarceration, the struggle to find housing and the challenges involved with providing children with higher education. The disintegration of families have gone on for too long and it’s time we do something about it (“Current Challenges”, n.d.).

“About 44 million Americans have no health insurance and another 38 million have inadequate health insurance. This means that nearly one-third of Americans face each day without the security of knowing that, if and when they need it, medical care is available to them and their families”