[NTBKtrader]

Since 2001, the health-care industry has added 1.7 million jobs. The rest of the private sector? None (note: this is false the housing industry has added about 900k).

If you really want to understand what makes the U.S. economy tick these days, don't go to Silicon Valley, Wall Street, or Washington. Just take a short trip to your local hospital. Park where you don't block the ambulances, and watch the unending flow of doctors, nurses, technicians, and support personnel. You'll have a front-row seat at the health-care economy.

http://www.businessweek.com/magazine/co ... exclusives

[ClubOfRomeII]

$this->bbcode_second_pass_quote('NTBKtrader', 'S')ince 2001, the health-care industry has added 1.7 million jobs. The rest of the private sector? None (note: this is false the housing industry has added about 900k).

[PeakOilPrincess]

I read this article and had some serious doubts. The posts of other readers below the article made more sense

[KhanCEO]

I can just hear an economist say " But, you can't take the poisons out of our food and water, it will destory the health care industry".

[MrBill]

$this->bbcode_second_pass_quote('KhanCEO', 'I') can just hear an economist say " But, you can't take the poisons out of our food and water, it will destory the health care industry".

[MrBill]

$this->bbcode_second_pass_quote('MrBill', '')$this->bbcode_second_pass_quote('KhanCEO', 'I') can just hear an economist say " But, you can't take the poisons out of our food and water, it will destory the health care industry".

[ClassicSpiderman]

$this->bbcode_second_pass_quote('MrBill', 'B')ut for the 65-85+ year old crowd investments in medicine and keeping people alive for longer and longer at greater and greater expense, most of which they are unable to pay for themselves and therefore have to be subsidized, is money thrown down the proverbial gopher hole.

[Roy]

It's no surprise to me that the HC industry is propping up the economy. The prices they charge? Unreal.

When you have insurance you don't tend to notice these things. Once you're part of the great unwashed masses without it, these things can't be denied. My awakening began when I left my cushy state job where I paid $300/mo for insurance on my whole family, 0 deductible and $15 co-pay.

Now, I pay $400 per month to "insure" my family. For that $4800/yr, I get the "privilege" of a $10,000 deductible. A standard insurance plan, like the one I had at my last job, would cost me $1200/month, at least.

I took my daughter to the doctor for a sonogram a few months ago.

A physician's assistant came in and did the scan in approximately 10 minutes. Cost? $850. We talked to the doctor all of 5 minutes. Total bill for the visit? $1150.

To some people $1150 is nothing. To me its a lot of money. In my last job as a telecom engineer, it took at LEAST a week (40+ hours) for me to GROSS that much. Even my wife, an attorney, has to work about 10-20 hours to make that much before taxes. To pay for 15 minutes of office visit. We're both white collar 'professionals'. Imagine making $15/hour or less. WTF!!!!

I understand the high costs of being a physician such as malpractice insurance, high overhead for staff, and office space. But something is out of whack here.

I know an RN who works as a contractor and gets no benefits, for a very successful hospital.

I see the insurance and pharmaceutical industries as the main benefactors of the current model. Drug salesmen for example. They make very good salaries for what? As I see it, they're like real estate agents. They contribute nothing of value. They're just parasites sucking money from hard working people. TV commercials for prescription meds? Nothing wrong with that either I suppose?

The way the prices are continually increasing (some figures mention 10%/yr increases) it won't be long before the majority of Americans are forced out of the market. Yet the politicos resist efforts to reform the system. I read the other day that over 50% of bankruptcies in this country are due to medical bills.

Its a colossal ripoff perpetrated by the insurance companies, personal injury lawyers, and big pharm. It frustrates the hell out of me.

The sad thing is, I don't see anything changing in this country in a peaceful manner. The monied interests control the media, the government, and corporate policies. Bill Frist/HCA comes to mind....

At what point will Americans stand up and say: ENOUGH!

It's just another symptom of our seriously fucked up country. Our paradigm is all wrong, as many here have noted.

[galacticsurfer]

Parasitic is the word that covers this massive growth of jobs in a tertiaqry industry.

They don't produce anything. If people don't have real jobs then they can't pay for doctors(or lawyers or vacations). So when housing tanks, taking everything else with it then hospitals will close big time as factories all close up and stores let their people go. The first thing normal people will cut back on are unneccesary trips to the doctor. They will drop any coverage like people in the inner city ghetto who arrive in overcrowded emergency rooms only when they get shot or have a heart attack . Only medicaid and medicare will remain until the government discovers tax revenues drying up and has to cut it to the bone. Everything will be at disposal.

[Texas_T]

The argument that health care is propping up the economy starts to sound like a version of "The Broken Window Fallacy".

[TommyJefferson]

$this->bbcode_second_pass_quote('Roy', 'I') understand the high costs of being a physician such as malpractice insurance, high overhead for staff, and office space. But something is out of whack here.

[ohanian]

$this->bbcode_second_pass_quote('Texas_T', 'T')he argument that health care is propping up the economy starts to sound like a version of "The Broken Window Fallacy".

[ohanian]

$this->bbcode_second_pass_quote('TommyJefferson', '
')Welcome to the joys of socialized medicine.

The health care industry must charge you exorbitant fees to pay for other people who get their healthcare for 'free'.

I work with people who get 'free' healthcare. They think nothing of visting the doctor every time one of their 5 kids has a touch of fever.

Why? Because it doesn't cost them a dime. You and I are paying for it.

I notice they don't run to the car mechanic every time their car hicups. Why? They have to actually pay for services there.

[rogerhb]

Yeah, and you're paying them to have their homes defended, even worse, those poor kids are actually getting paid by having the cheek to join the army and take your money!!!!!!!!!

[frankthetank]

Having worked with the elderly, i can see how this has happened. Its amazing the amt of money it takes to keep an elderly person cared for. Its also amazing @ how the families of these people pretty much have very little to do with them when they get to this point. Personally, from my experiences, if i were to get to this point (doubtful!) you can put a bullet you know where.

Down the road, the employees @ healthcare facilites better start lifting weights, because the amt of fatties i see out on the roads today are going to need help getting out of there motorized wheelchairs!

[elocs]

$this->bbcode_second_pass_quote('frankthetank', 'H')aving worked with the elderly, i can see how this has happened. Its amazing the amt of money it takes to keep an elderly person cared for. Its also amazing @ how the families of these people pretty much have very little to do with them when they get to this point. Personally, from my experiences, if i were to get to this point (doubtful!) you can put a bullet you know where.

Down the road, the employees @ healthcare facilites better start lifting weights, because the amt of fatties i see out on the roads today are going to need help getting out of there motorized wheelchairs!

[zoidberg]

$this->bbcode_second_pass_quote('TommyJefferson', '')$this->bbcode_second_pass_quote('Roy', 'I') understand the high costs of being a physician such as malpractice insurance, high overhead for staff, and office space. But something is out of whack here.

[MrBill]

$this->bbcode_second_pass_quote('zoidberg', '')$this->bbcode_second_pass_quote('TommyJefferson', '')$this->bbcode_second_pass_quote('Roy', 'I') understand the high costs of being a physician such as malpractice insurance, high overhead for staff, and office space. But something is out of whack here.

[Doly]

I was reading this weekend again my textbooks on economy, and one of the things I read was about why some services are often provided by the government "for free" for all citizens, specifically education and basic healthcare. (Of course, "for free" means in fact from the pockets of taxpayers).

It turns out that private companies in a free market aren't by far the best way of providing the service. The problem is, while in most services, the more expensive version of them would be considered a luxury, in the case in education and healthcare this isn't the case. We feel strongly that higher education should be available to those capable to follow it, and the more expensive diagnostics or treatments should be available to those who need it. A free market would only provide expensive services to the rich.

It is possible to even things out using insurance, but private insurers that try to get a profit will always eliminate from their ranks those who are a higher risk. In the case of healthcase, the sickest people have trouble to get insurance, which doesn't seem fair at all.

A free market isn't the best way of allocating resources every time. In fact, any good textbook on economics will explain the assumptions under which a free market operates well. In any other circumstances, it's unlikely to be optimal.

[MrBill]

$this->bbcode_second_pass_quote('Doly', 'I') was reading this weekend again my textbooks on economy, and one of the things I read was about why some services are often provided by the government "for free" for all citizens, specifically education and basic healthcare. (Of course, "for free" means in fact from the pockets of taxpayers).

It turns out that private companies in a free market aren't by far the best way of providing the service. The problem is, while in most services, the more expensive version of them would be considered a luxury, in the case in education and healthcare this isn't the case. We feel strongly that higher education should be available to those capable to follow it, and the more expensive diagnostics or treatments should be available to those who need it. A free market would only provide expensive services to the rich.

It is possible to even things out using insurance, but private insurers that try to get a profit will always eliminate from their ranks those who are a higher risk. In the case of healthcase, the sickest people have trouble to get insurance, which doesn't seem fair at all.

A free market isn't the best way of allocating resources every time. In fact, any good textbook on economics will explain the assumptions under which a free market operates well. In any other circumstances, it's unlikely to be optimal.