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Thread: Why is healthcare prohibitively expensive in the US?

  1. #181
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    Re: Why is healthcare prohibitively expensive in the US?

    Quote Originally Posted by I'm Supposn View Post

    In your opinion, our markets would become less monopolistic, more competitive and free if we prohibited the government from contributing to our search for truth and knowledge?
    Of course, look at how they consolidated the banks in wake of 2008 financial crisis!! Look at how they have shielded health insurance companies from interstate competition. Look at health care in general. 4 times free market cost thanks to libcommie involvement. Do you understand?

  2. #182
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    Re: Why is healthcare prohibitively expensive in the US?

    Quote Originally Posted by I'm Supposn View Post
    James972, post #173: Your mistaken assumption is that the excess we pay to insurance companies goes to research rather than to waste. ...
    ... ////////////////////////

    James972, in your opinion our nation's spendings for commercial insurance are entirely excessive economic waste? ...
    Quote Originally Posted by James972 View Post
    if I said that I'll pay you $10,000. Bet???
    James972, no, I'm not interested in your monetary boast. You'll deny it all and my efforts to collect would be futile.

    If you have $10,000 to toss around, I suppose you'd contribute to Trump's re-election funds, or the NRA, but not the KKK. KKK's politically inappropriate.
    Would you consider sending $20 to the American Civil Liberties Union? Respectfully, Supposn

  3. #183
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    Re: Why is healthcare prohibitively expensive in the US?

    Quote Originally Posted by Masterhawk View Post
    As you may know, the costs of healthcare are going up faster than GDP. Healthcare in the US is getting rather expensive these days.
    And do you know what industry costs has gone up more than healthcare?

    Education.

  4. #184
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    Re: Why is healthcare prohibitively expensive in the US?

    Quote Originally Posted by Masterhawk View Post
    As you may know, the costs of healthcare are going up faster than GDP. Healthcare in the US is getting rather expensive these days.

    Supporters of universal healthcare typically say that since healthcare is a basic necessity, prices do not affect demand because without it, people will die. The economic term for how much demand changes relative to price is price elasticity. To their credit, healthcare is an inelastic good (demand changes more slowly than price), but on the other hand, it isn't the only one.

    Other examples of inelastic goods are gasoline, clothing, recreational drugs (including tobacco), and to some extent, food and water. And yet, we don't see companies price gouge on gasoline, clothing, food, or water. Now maybe one could make the case that water utilities are heavily regulated or are owned by municipal governments and most recreational drugs are illegal but what about the others?

    Although the cost of food has gone up in the last generation or so, it didn't do so by nearly as much as healthcare. When food (or drinks) get close to expiration date, they go on sale. In fact, sometimes when they're not close to expiration date, they go on sale. Clothing likewise is not being price gouged.

    Oil is considered an inelastic good because it's necessary to power our cars. Sure, electric cars exist, but the market is only in its infancy. But despite the importance of oil, prices aren't constantly on the rise, even with growing demand. Rather, they fluctuate, even though most oil reserves are in OPEC countries.

    So why don't the markets of other inelastic markets see a great amount of price gouging? The answer is competition. If Safeway charges too much for groceries, shoppers will simply look elsewhere. If one gas station charges too much for gasoline, people will go to other gas stations. The markets for clothing likewise don't price gouge because there is competition. Thes markets are inelastic, if the price rises by a lot, there will still be a great deal of demand for them. An inelastic market will be able to maintain fairly small prices so long as there is competition. Thus it is worth asking why we don't see the same in healthcare.

    It would perhaps be fallacious to say that healthcare in the US is expensive purely because of the free market because it is one of the most heavily regulated sectors in the US economy.

    If this Forbes article is to be trusted, the US government is limiting the number of physicians per year, causing a shortage and thus raising the cost of medical care due to lobbying on the part of the AMA. The government has also restricted the establishment of medical schools. Foreign doctors have to redo their residencies, regardless of how long they have been practicing, to legally practice in the US.
    The Evil-Mongering Of The American Medical Association

    Another problem is prescription drug medication. Thanks to patents, prescription drug companies have the license to price gouge their consumers without fear of competition. Some argue that the patent system guerantees that drug manufacturers will make a profit after developing the drug. The problem with this notion is that the big prescription drug companies spend more money on marketing than on R&D.
    https://www.washingtonpost.com/news/...=.be4ebaf0521a

    Which brings me onto my next point. The FDA puts a long and burdensome process on getting drugs approved. While it may be with best of intentions, it has effectively prevented many would be useful drugs from coming onto the market. Big pharmaceutical companies have little trouble complying with these regulations but smaller companies are effectively crowded out.
    Simple, the US system is run by the rich, for the rich.

    Democracy? Bahh, democracy never existed.
    Only interested in serious debate.

  5. #185
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    Re: Why is healthcare prohibitively expensive in the US?

    Quote Originally Posted by Frigidweirdo View Post
    Simple, the US system is run by the rich, for the rich.

    .
    Totally wrong and ignorant of course. The USA is run by liberals who made health care socialist ie so consumers don't shop for price and quality and so providers don't compete on basis of price and quality. Switch to Republican capitalism and costs come down $20,000 per household per year. Do you think every household in American would appreciate an extra $20,000 per year?

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    Re: Why is healthcare prohibitively expensive in the US?

    Quote Originally Posted by Cynical View Post
    And do you know what industry costs has gone up more than healthcare?

    Education.
    And we assume this is because liberal govt is heavily involved in each industry?

  7. #187
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    Re: Why is healthcare prohibitively expensive in the US?

    Quote Originally Posted by James972 View Post
    And we assume this is because liberal govt is heavily involved in each, [i.e both healthcare and education] industry?
    James972, I supposed most economists believed healthcare and education are both very labor-intensive pursuits and less subject to automation.
    Computer searches are automatic. Devising a search, asking the right questions, fully benefiting from the answers are not automatic. But I suppose those economists lack your insight.
    Respectfully, Supposn

  8. #188
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    Re: Why is healthcare prohibitively expensive in the US?

    Quote Originally Posted by I'm Supposn View Post
    James972, I supposed most economists believed healthcare and education are both very labor-intensive pursuits and less subject to automation.
    Computer searches are automatic. Devising a search, asking the right questions, fully benefiting from the answers are not automatic. But I suppose those economists lack your insight.
    Respectfully, Supposn
    no idea what you are trying to say??

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