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Business & Economics |
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Business & Economics BLOG |
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Now You Should Be Really Fiscally Afraid in California
By: Steven Greenhut
1.16.2010
After reading a recent article I wrote about growing unfunded liabilities for public employee pensions and health care, a reader told me that it made him want to “burn his eyes out with red hot pokers.” Yes, the current situation – expanding debt, growing government, excessive pay and special privileges for government workers, thanks to union power – is not fun to read about. It can be downright scary, when one considers the financial mess that already is looming.
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CBO Underestimates Benefits of Malpractice Reform
By: Lawrence J. McQuillan, Ph.D
10.21.2009
Earlier this month, the Congressional Budget Office (CBO) said medical-liability reforms could save about $11 billion annually. This assessment is a gross underestimate of the potential benefits of reform and was intended to give cover to congressional Democrats who say malpractice-liability costs are trifling. But a full accounting shows the benefits would be a hefty $242 billion a year, more than 10 percent of America’s health expenditures.
Last year alone, damage awards for medical-malpractice claims reached $5.9 billion. Adding in legal costs, underwriting costs, and administrative expenses, total med-mal tort costs were nearly three times higher — $16 billion. From 1986 through 2002, the average insurance payment for a malpractice claim more than tripled to $320,000. The average jury award for medical liability was $637,134 in 2006.
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Business & Economics PRESS ROOM |
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No roads to recovery in sight
By: Steven Greenhut on 3.12.2010
With California teetering on insolvency, government union activists and liberal legislators are trying to whip the public into a "please tax us more" frenzy by scaring people about the consequences of spending cuts.
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Business & Economics
