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Who/What is to blame for "high" health care costs?

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  • Who/What is to blame for "high" health care costs?

    Obama wants to make a bogeyman out of "greedy" insurance companies for high health costs. He does not address the supply and demand aspects of medical services.

    What is to blame for high health care costs; insurance companies or health care providers?

    Most Profitable Industries

    If insurance companies are so profitable, why don't people invest more money in these companies to offset the cost of insurance ? In FACT; The insurance industry is one of the least profitable industries:
    Fortune 500 Most Profitable Industries

    1 Network and Other Communications Equipment 20.4
    2 Internet Services and Retailing 19.4
    3 Pharmaceuticals 19.3
    4 Medical Products and Equipment 16.3
    5 Railroads 12.6
    6 Financial Data Services 11.7
    7 Mining, Crude-Oil production 11.5
    8 Securities 10.7
    9 Oil and Gas Equipment, Services 10.2
    10 Scientific, Photographic, and Control Equipment 9.9
    11 Household and Personal Products 8.7
    12 Utilities: Gas and Electric 8.7
    13 Aerospace and Defense 7.6
    14 Food Services 7.1
    15 Industrial Machinery 6.9
    16 Food Consumer Products 6.7
    17 Electronics, Electrical Equipment 6.5
    18 Commercial Banks 5.2
    19 Telecommunications 5.1
    20 Chemicals 5.0
    21 Construction and Farm Machinery 5.0
    22 Insurance: Life, Health (stock) 4.6

    High executive salaries?
    Obama blames high paid insurance company executives for high health care costs; yet no insurance executive even makes the top of the list of highest paid CEO's:
    Highest Paid Executives

    Larry Ellison, Oracle: $192.9 million
    Nabeeb Gareel, MEMC Electronic Materials: $79.6 million
    John Chambers, Cisco: $54.8 million
    Mark Hurd, HP: $27.6 million
    Jen-Hsun Huang, NVIDIA: $24.6 million
    Samual Palmisano, IBM: $24.3 million
    Wendell Weeks, Corning: $22.6 million
    Joseph Tucci, EMC: $20 million
    William Sullivan, Agilent: $17.4 million
    Paul Otellini, Intel: $16.3 million
    Steve Jobs, Apple: $14.6 million
    Jonathan Schwartz, Sun: $13.5 million

    How about salarys? Who makes the money?

    The top nine slots of the list of highest paid professions worldwide are medical professions Starting with anesthesiologists, who in 2006 earned a median of $145,600 US Dollars (USD) per year. Further down the list can be found General Internists, Obstetricians/Gynecologists, **** and Maxillofacial surgeons, Orthodontists, Prosthodondists, Psychiatrists, Surgeons, and Physicians. The 10th slot goes to Chief Executives, with a median income of $142,000 US Dollars (USD) yearly.

    The next 10 highest paid professions worldwide are also heavily weighted with medical professionals, and include Family and General Practitioners ($140,400 US), airline flight crew such as pilots, copilots, and flight engineers ($138,000 US), pediatricians and dentists, with medians of between $125,000-136,000 US yearly, and air traffic controllers ($107,000 US). Astronomers and chief engineers take the next two slots, with medians hovering around $100,000, and they are closely followed by podiatrists, lawyers, and judges. Professionals who specialize in natural sciences such as physics and petroleum engineering, along with computer scientists, fill out the list of the top 25 highest paid professions worldwide.
    Highest Paid Professionals

    And those greedy insurance sales people? "The median annual earnings of wage and salary insurance sales agents were $43,870"
    Insurance Sales Salary


    So the answer is for more people to go to medical and nursing school, right? Not so easy;
    Many people apply and want to be doctors and obviously the salary is sufficient to pay off any student loans, but the number of graduates in the past several years is actually LOWER than it was 20 years ago despite increased demand from an aging population:

    Number of Med School Graduates

    WHY IS THIS? Is the free market failing? Why has the supply of doctors not kept up with demand? Is there really a free market for supply?

    "the American Medical Association—a doctors' cartel that has controlled the medical labor market in the U.S. like its personal fiefdom for a century"
    Supply of Doctors Controlled by AMA

    So the problem is not insurance company profits not insurance salarys or Insurance CEO compensation but salarys of health care professionals which is determined by the AMA and enforced by the Government.

  • #2
    Obama wants to make a bogeyman out of "greedy" insurance companies for high health costs. He does not address the supply and demand aspects of medical services.

    What is to blame for high health care costs; insurance companies or health care providers?

    Most Profitable Industries

    If insurance companies are so profitable, why don't people invest more money in these companies to offset the cost of insurance ? In FACT; The insurance industry is one of the least profitable industries:
    Fortune 500 Most Profitable Industries

    1 Network and Other Communications Equipment 20.4
    2 Internet Services and Retailing 19.4
    3 Pharmaceuticals 19.3
    4 Medical Products and Equipment 16.3
    5 Railroads 12.6
    6 Financial Data Services 11.7
    7 Mining, Crude-Oil production 11.5
    8 Securities 10.7
    9 Oil and Gas Equipment, Services 10.2
    10 Scientific, Photographic, and Control Equipment 9.9
    11 Household and Personal Products 8.7
    12 Utilities: Gas and Electric 8.7
    13 Aerospace and Defense 7.6
    14 Food Services 7.1
    15 Industrial Machinery 6.9
    16 Food Consumer Products 6.7
    17 Electronics, Electrical Equipment 6.5
    18 Commercial Banks 5.2
    19 Telecommunications 5.1
    20 Chemicals 5.0
    21 Construction and Farm Machinery 5.0
    22 Insurance: Life, Health (stock) 4.6

    High executive salaries?
    Obama blames high paid insurance company executives for high health care costs; yet no insurance executive even makes the top of the list of highest paid CEO's:
    Highest Paid Executives

    Larry Ellison, Oracle: $192.9 million
    Nabeeb Gareel, MEMC Electronic Materials: $79.6 million
    John Chambers, Cisco: $54.8 million
    Mark Hurd, HP: $27.6 million
    Jen-Hsun Huang, NVIDIA: $24.6 million
    Samual Palmisano, IBM: $24.3 million
    Wendell Weeks, Corning: $22.6 million
    Joseph Tucci, EMC: $20 million
    William Sullivan, Agilent: $17.4 million
    Paul Otellini, Intel: $16.3 million
    Steve Jobs, Apple: $14.6 million
    Jonathan Schwartz, Sun: $13.5 million

    How about salarys? Who makes the money?

    The top nine slots of the list of highest paid professions worldwide are medical professions Starting with anesthesiologists, who in 2006 earned a median of $145,600 US Dollars (USD) per year. Further down the list can be found General Internists, Obstetricians/Gynecologists, **** and Maxillofacial surgeons, Orthodontists, Prosthodondists, Psychiatrists, Surgeons, and Physicians. The 10th slot goes to Chief Executives, with a median income of $142,000 US Dollars (USD) yearly.

    The next 10 highest paid professions worldwide are also heavily weighted with medical professionals, and include Family and General Practitioners ($140,400 US), airline flight crew such as pilots, copilots, and flight engineers ($138,000 US), pediatricians and dentists, with medians of between $125,000-136,000 US yearly, and air traffic controllers ($107,000 US). Astronomers and chief engineers take the next two slots, with medians hovering around $100,000, and they are closely followed by podiatrists, lawyers, and judges. Professionals who specialize in natural sciences such as physics and petroleum engineering, along with computer scientists, fill out the list of the top 25 highest paid professions worldwide.
    Highest Paid Professionals

    And those greedy insurance sales people? "The median annual earnings of wage and salary insurance sales agents were $43,870"
    Insurance Sales Salary


    So the answer is for more people to go to medical and nursing school, right? Not so easy;
    Many people apply and want to be doctors and obviously the salary is sufficient to pay off any student loans, but the number of graduates in the past several years is actually LOWER than it was 20 years ago despite increased demand from an aging population:

    Number of Med School Graduates

    WHY IS THIS? Is the free market failing? Why has the supply of doctors not kept up with demand? Is there really a free market for supply?

    "the American Medical Association—a doctors' cartel that has controlled the medical labor market in the U.S. like its personal fiefdom for a century"
    Supply of Doctors Controlled by AMA

    So the problem is not insurance company profits not insurance salarys or Insurance CEO compensation but salarys of health care professionals which is determined by the AMA and enforced by the Government.

    Comment


    • #3
      Answer: SOM wives and girlfriends
      "Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence." John Adams on Defense of the boston Massacre

      Comment

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