The economy has always had its ups and down, but for the past, several years there have been many economic issues that seem to always be there no matter what actions are taken. At some point, something needs to be done so that these issues will either go away or can at least get better. The three economic issues that have been seen on the television or in the new has to do with the unemployment rate, healthcare costs, and inflation (Odland, 2012). At some point many people have experienced these issues first hand, whether it was getting laid off, had to pay astronomical prices for healthcare coverage or medication; this along with the prices of everything from gas, food and other items going up.
Unemployment seems to be a huge issue
…show more content…
All though it is bad to say, tax cuts would be one way to do this, but not straight across the board. Tax cuts should be based on the financial success of the company, if the company will bring in an excessive amount of money to the area they are, then they should receive a lower tax cut; whereas a company that is smaller but still employs a certain amount of people, have a lower net worth should receive a higher tax cut. This would be a great incentive to keep companies, especially manufacturing companies within the U.S.
Another issue that everyone is aware of is the rising cost of healthcare. Insurance prices are skyrocketing, and not just through employers. The Affordable Care Act (ACA) created the market place, so those without health insurance could go and purchase it at a lower cost. Unfortunately, it seems that even those rates are either going up or they limited who a person can see. The big question to ask is, “Why is the cost going up?”
There are many reasons why pricing goes up. And the reality is, there is not anything anyone can do about it. Almost everyone watches the news, and recently, there was a news report about the company that produced the EpiPen raising its price so high that people could not afford it. This is one of the reason why the cost of insurance is going up, pharmacy costs (Merhar,
Impact to Healthcare organizations - These increases in cost raise questions of health care expenses at the hospital level. As higher profits are sought, the cost will become unstable for all, thus causing many to postpone going to the doctor. However, there are many complicated problems associated with our healthcare system. We will focus on main issues that can correct many related problems within the current structure. More importantly, we need to find ways to ensure all Americans have access to health care; and we need to hone in on how we can get the best value for the $2 trillion dollars we spend annually on healthcare.
As we advance in our healthcare system and continue to find cure for the deadly diseases we are also faced with prescription drug prices rising much faster than they were a few years back. Drug prices are increasing at an unmaintainable rate without any sign of reduction. People who are heavily affected by this rise are mostly elderly citizens and also the poor of this country because they can barely afford these expenses. These people either have no money to pay for their copays or no health insurances at all.
Having access to quality healthcare is major part of one’s life however the cost of care has been on the rise over the past decades and continue to rise every day due to many situation such
Firstly, advances in pharmaceutical is one of the main reasons. Over years, highly development in the pharmaceutical industry have transformed health care into a new form: new management structure and new technology are being used. Many health problems now can be solved by just using prescription drugs. Furthermore, the use of prescription drugs keeps people away from doing surgery and other expenses. However the process of manufacture and development of new drugs require a large amount of money. Drug manufactures spent too much money
For the last five years of my life I have worked in the healthcare industry. One of the biggest issues plaguing our nation today has been the ever rising cost of health care. If we don't get costs under control, we risk losing the entire system, as well as potentially crippling our economy. For the sake of our future, we must find a way to lower the cost of health care in this nation.
Millions of Americans cannot afford healthcare services, and therefore have no financial defense in battling illnesses. Even with the affordable care act in place, there is a constant struggle for many who cannot afford the premiums that come with these insurance policies. "One of the reasons why we have uninsurance in the United States is that it has become increasingly unaffordable to purchase insurance because the cost of care and the premiums for care have gone up at multiples of the rates of increase of wages and of the cost-of-living in the United States" (Blumenthal, 2014)
One of the issues that is widely discussed and debated concerning the United States economy is the healthcare system. Unlike in the majority of developed and developing countries, the healthcare system in the United States is not public, meaning that the state does not provide free or cheap healthcare services. This paper addresses many of the factors contributing to the rising cost of healthcare.
There are three issues when it comes to the health care cost rising. The first is the rising cost in prescription drugs. The second area of rising cost is the increased technologies when it comes to the medical industry. The third problem
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
Another reason for the rising cost of healthcare is the cost of physician care, according to the American Hospital Association “the cost of physician care, both to insurance and patients, has risen 1.3% during the past year.” Because of this increase doctors are put in a corner, they are already locked into an agreement with the insurance companies and do not have much ‘wiggle’ room to negotiate fees and rates. So because of this the patients and consumers are forced to pay a much larger sum. Since there are higher costs and the insurers will not cover them, they are distributes to the customers through higher deductibles, co-insurance, and
The Fair Tax would have many other benifts for U.S. companies. Because The Fair Tax would be paid by the consumer at the time of purchase, a business wouldn’t pay taxes on the products and services that it purchases in the course of producing its own goods and services. The Fair Tax would reduce the operational costs to U.S. businesses, thus freeing capital for business growth and job creation. Many would balk at the idea of relieving corporations of their “fair share” of the tax burden, but the truth is that no company pays taxes anyway. They only collect taxes from their customers and send them to Uncle Sam. The taxes levied on businesses are paid either by consumers in the form of higher prices, by employees in the form of reduced wages,
American people look at their insurance bills, co-pays and drug costs, and can't understand why they continue to increase. The insured should consider all of these reasons before getting upset. In 2004, employee health care premiums increased over 11 percent, four times more than the rate of inflation.
The second most important problem facing America is the high unemployment rates. The unemployment rates are constantly fluctuating, causing uncertainty among the American people. The unemployment has come down a bit over the past few years according to Trading Economics. “Unemployment Rate in the United States decreased to 6.70 percent in December of 2013 from 7 percent in November of 2013”. (Trading Economics, 2014, p.1) I believe that it is good that the unemployment rates are coming down, but they should be a lot lower. I believe a way to correct this problem would be to remove some restrictions by the health care law on employers making them able to hire more
Under the current healthcare reform bill HR-4872, there are several stipulations that will benefit everyone. The proposed bill eliminates the “Pre-existing Condition” clause that insurance companies have been manipulating around for many years. How many people have been stuck in dead end jobs, unable to further their career for the fear of being denied insurance coverage due to a pre-existing condition. The bill (HR-4872) also makes purchasing health coverage affordable. Under the current American system, the health insurance providers can pass on rate increases to the consumers without regard to the clients ability to pay or their after taxes income. It is estimated that healthcare insurance costs have increased as much as 18 – 25% over just the past three years alone. This dramatic increase in premium expenses has put healthcare insurance out of the reach of millions of Americans.
The number one cause of the high prices, is how patents are maintained. Gerard Raj in the European Journal of Clinical Pharmacology exclaims that, “…a patent lasts for 20 years from the date of its application.” (2). This allows for a certain company to monopolize their drug and set any price they see fit. Patents are supposed to protect people’s ideas and inventions, but when they do not look to sell the drug fairly, consequently, they do not deserve to have their idea protected. In the span of 20 years, the company rules over their new drug and does not have to compete with a company producing a similar drug. Not only do the companies have the patent for