Medical debt crisis grips America
Several reports from different organizations backed the claims of Lamont and proved that the medical debt crisis is gripping America.
National data from the Centers for Disease Control and Prevention (CDC) in 2021 revealed that 10.8 percent of Americans struggled to pay their medical bills in 2023. A KFF-Peterson Health System Tracker analysis estimated that around 23 million adults or nine percent of the adult population, owed more than $250 in health costs.
"People who have medical debt may pay off these bills by taking on other forms of debt, including credit cards and bank loans, or negotiate payment plans with healthcare providers, or just fail to pay them. However, medical debt continues to be the major form of debt in the United States," the report reads.
A 2022 report conducted by the Consumer Financial Protection Bureau (CFPB) identified medical debt as the leading cause of bankruptcy in the United States, which impacts around 20 percent of Americans or roughly 66 million people. (Related: National debt hits record-high $32 trillion two weeks after suspension of debt ceiling.)
Learn more about America's debt situation at DebtBomb.news.
Watch the video below where ITM Trading Chief Market Analyst Lynette Zang talks about the impending debt crisis.
This video is from the What is Happening channel on Brighteon.com.
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1 year ago
On the surface this sounds great for people who are burdened with horrific debt for medical care we were promised would be "MORE AFFORDABLE" under Obamacare. When you think about it and do some rudimentary analysis the long term solution is definitely not this one to just "Cancel the debt."
Hospitals are now "Big business" and run on cubic money. The old days of community hospitals are largely long gone as they are largely now owned by conglomerates, even non profits are expected to generate huge revenues for the corporate coffers.
Making "Over 1 BILLION" in debt disappear by throwing 6.5 MILLION at it gives one a payment rate of LESS than one percent, in fact less than 0.65%. You might think that's great, until you realize the people who run these organizations always get their money first. They WILL raise prices of people who can pay, and two "Twenty dollar" tylenol tablets will soon become two ""Fifty dollar" tylenol tablets.
The system is already in bad shape as we can't get staff as it is. Despite the lack of decent jobs people don't want to work in this field anymore, at least not on the patient level. I've been doing it for going on 36 years and the new normal is people working the floors for two or three years and "Getting out." "Working short" is the new normal in modern health care and on a bad shift its pretty horrific, which leads to shortcuts and "Incidents."