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A bankruptcy every 30 seconds due to health care costs?

Obama stated that one American goes bankrupt every 30 seconds due to health care cost. That's 1,051,200 cases per year! A study by The Institute for Financial Liberties indicates 52% of bankruptcies were the result of loss of income. Of those bankruptcies, 36% percent of those were the result of injury or illness. We'll just assume all those fall in the health care category just to be fair.

However, the total estimated number of bankruptcies in 2008 were 1,086,000. That's not good by any means. These two figures do not add up. Who's lying?


Asked by itsmesteph11 at 2:58 PM on Mar. 6, 2009 in Politics & Current Events

Level 39 (113,405 Credits)
This question is closed.
Answers (26)
  • Please correct me if I am wrong and I mean no offense, it's just the way I see it. We all have our own problems but we were not having all these problems until so many illegals came here and we began paying their way. They have paid nothing in to the kitty and they get full benefits; how in the world can we be expected to pay for millions of peoples bills when they paid nothing in as those of us who work, have? The money is going out at light speed & coming in at a snail's pace. Now they want our 401k's, that is an individual's savings, it is not like SS where we all pay into a certain fund & to me, seizing 401k's is just plain out stealing but then we have all lost so much money, there is hardly anything left. Why is it okay for them to steal from people & do all these things that have done nothing but impact our economy so negatively. I sure wish we could turn back the clock to November, there would be some changes.

    Answer by Anonymous at 5:45 PM on Mar. 6, 2009

  • I was listening to this on talk radio, and it was said that there aren't enough people without health insurance to back up Obama's claims that healthcare causes this many bankruptcies. Oh well.

    Answer by akinbottom2 at 3:01 PM on Mar. 6, 2009

  • I really dislike it when anyone uses hyperbole like that to make a point. OTOH, there IS a problem with health care costs and coverage in this country, and I have yet to hear Republicans and/or conservatives propose an alternative.

    Answer by tinamatt at 3:03 PM on Mar. 6, 2009

  • Did he ever expose his source for this information?

    Answer by QuinnMae at 3:03 PM on Mar. 6, 2009

  • That's one of those things that make you say "hmmmm". I'd like to know where Obama got his numbers. Besides the teleprompter.

    Answer by Anonymous at 3:04 PM on Mar. 6, 2009

  • tinamatt, no one said there wasn't a problem, but you can't just invent numbers to make your point look valid.

    Answer by Anonymous at 3:11 PM on Mar. 6, 2009

  • I have a guess how they came up with it - pretty much everyone, even those with the best insurance, has medical bills of some kind. Whether it's the $20 copay or the last $150 due to the optometrist. I'll guess that anyone with so much as a past due copay when they filed was included in "bankrupt due to healthcare costs." Nevermind if they had $40k in credit card debt and a 22% APR car loan, it's that $50 due at the dentist that bankrupt them. I'll bet they also counted initial filings and not completed. A lot of BKs never make it because the filers don't follow throw with all the requirments (credit counseling, etc), so they get dismissed and turn around and start over 2 weeks later.

    Answer by NotPanicking at 3:16 PM on Mar. 6, 2009

  • Of course there is an invention of numbers.The worse they make it seem the easier it will be to put through the agenda.

    Answer by Anonymous at 3:17 PM on Mar. 6, 2009

  • While googling, it shows almost 48 million without insurance but not how many are adults. So I guess anyone can change the numbers anyway they want. It's not all those uninsured that file bankruptcy due to healthcare costs, some with insurance go broke.
    But still , the numbers don't match up. We'll probably never know and the numbers will change depending on who your source is.

    Answer by akinbottom2 at 3:18 PM on Mar. 6, 2009

  • We make $157,000 a year, DHs insurance costs $6,000 per year to cover him, me, and our children. Then, we put aside another $2,000 per year for health care, he is not as healthy as he was so that is gone within the first two months, then we pay another $1000 out of pocket per person: that is another $6,000, then we have only 80% covered and we pay the other 20%. We were pregnant when he accepted the job, and we are now $35,000 in medical debt, plus the 14,000 we pay annually. Something needs to be done.

    Answer by Anonymous at 3:29 PM on Mar. 6, 2009