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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Crimson Ghost who wrote (24130)1/6/2005 9:42:47 PM
From: Raymond Duray  Read Replies (1) of 110194
 
President Shills For Insurance Industry

americanprogressaction.org

[Many live links at website.]

President Bush traveled to Collinsville, IL, yesterday on behalf of the insurance industry to push his plan to restrict justice for injured plaintiffs. The president claimed "the prospect of big jury awards in medical malpractice cases was causing insurance rates to soar and doctors to abandon their practices." If you scrape away the overheated rhetoric and look at the reality, however, a very different picture emerges. His proposal would have no real effect on the cost of health care. The caps would "disproportionately affect" children and seniors who live on fixed incomes. According to the Congressional Budget Office, it also would "undermine incentives for safety" while at the same time making it "harder for some patients with legitimate but difficult claims to find legal representation."

THE INEFFECTIVE ILLINOIS ILLUSTRATION: President Bush chose Madison County, IL, to stump for this proposal because, he said, "the county illustrated the problems" of junk lawsuits. Nearly 700 malpractice/wrongful death suits were filed there between 1996 and 2003. But here's what Bush doesn't tell you: Since the system usually does work, most frivolous lawsuits are thrown out of court early in the process. Of those 700 lawsuits, for example, only 14 resulted in verdicts and only six of those favored the plaintiffs. And of those six, only one was actually large enough to be affected by the president's proposed $250,000 cap.
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