July 2, 2010

‘The Worst Private Sector June in Decades’

Filed under: Economy,Taxes & Government — Tom @ 5:05 pm

It’s at the Washington Examiner’s OpinionZone blog.

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7 Comments

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    Pingback by Tweets that mention BizzyBlog -- Topsy.com — July 2, 2010 @ 7:53 pm

  2. The U6 now stands at 16.5% total unemployment:

    http://www.bls.gov/news.release/empsit.t15.htm

    Comment by dscott — July 2, 2010 @ 9:24 pm

  3. I know this is completely OT, but I can’t e-mail. Just a curious question: what percentage of medical costs are medical malpractice lawsuits responsible for? You have better access to such info than me. I ask this because this lawyer came on and said it was only 2%! 2% seems to low to me and I believe I heard elsewhere t was closer to 10%. Oh, and he also accused doctors of going to medical conventions in Monte Carlo and that is what raises costs! Typical lawyer, make himself look like the good guy. By the way, none of my doctors have ever one to Monte Carlo or anywhere far from any “convention.”

    Comment by zf — July 2, 2010 @ 10:04 pm

  4. #3, although I don’t have time to investigate the detail, my understanding from past looks is that a 2%-like figure represents the direct payouts for malpractice awards as a % of medicine’s GDP. If so that’s about $40 billion (2% of $2 tril).

    The 10% figure comes from including “defensive medicine” — using procedures, ordering up tests, and prescribing drugs that wouldn’t ordinarily employed without the threat of a life-ruining lawsuit hanging over one’s head. That would bring all costs caused by the lack of meaningful tort reform to about $200 billion (10% of $2 tril).

    Comment by TBlumer — July 2, 2010 @ 10:20 pm

  5. Gotcha. But even with the 2% figure, I don’t find milking 40 billion dollars out of the system worth bragging about.

    Comment by zf — July 2, 2010 @ 11:05 pm

  6. No, but 2% sounds low. $40 billion doesn’t. The plaintiff’s bar has its talking points down pat.

    Comment by TBlumer — July 2, 2010 @ 11:14 pm

  7. As I understand it, Florida (particularly South Florida) has a reputation for being a lawyers (especially tort lawyers) paradise. Hence, the antagonistic ads. Personally, I think he would have done better if he had said that while most doctors are good, there are bad ones and their firm is dedicated to helping those with valid claims. Instead he chose to attack doctors and arrogantly proclaim that lawyers should be allowed to being unlimited lawsuits for malpractice whenever they feel like and regardless of the merits. That was just not necessary. And don’t pursing frivolous lawsuits hurt those with valid claims because it leads to less time and effort being put into them?

    Comment by zf — July 3, 2010 @ 12:01 am

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