"Investigations ... show how many formerly middle-class people have become persistently poor. They remain poor not from lack of effort or initiative. The vast majority is working hard to break out of poverty, but these efforts are frequently set back by adverse events, principally health shocks of different kinds. The patterns of falling into poverty that we observed are illustrated by ... a resident of ... N.C. He lost his job and with it his family’s medical insurance. When his wife fell seriously ill a year later, a required surgery proved to be very expensive and they had to find the money for hospital expenses. To make ends meet in such situations, people ... sell precious assets. ... they also take out high-interest private debts. In the long run, these strategies lead to bankruptcy for many. High health care costs are the primary reason behind the growing wave of personal bankruptcies in the United States. Unless this high rate of descent into poverty is controlled, poverty will simply continue to grow. Yes, job creation will help lift some people out of poverty, but it is not the panacea that many make it out to be." This article explains how the healthcare system within the US is actually increasing the rate of poverty due to its high cost. Pretty interesting and easy read. - #kkim
Posted on: Mon, 30 Sep 2013 01:57:41 +0000
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