Mitchell’s laws: Reduced money growth never stimulates economic growth. To survive long term, a monetarily non-sovereign government must have a positive balance of payments. Austerity breeds austerity and leads to civil disorder. Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
The cost of healthcare is rising. Only the wealthiest can afford to purchase private health care insurance without big deductibles and low limits. Most people must rely on Medicare, Medicaid or employer sponsored insurance.
But Tea/Republicans wish to eliminate your “Obamacare” coverage (because it’s OBAMAcare) and reduce federal spending on Medicare and Medicaid. Meanwhile, the following is the future of employer sponsored insurance:
Wal-Mart trims health care coverage for some
From Yahoo News, by Anne D’Innocenzio, AP Retail Writer, On Friday October 21, 2011
NEW YORK (AP) — Wal-Mart Stores Inc., the nation’s largest private employer, is scaling back the eligibility of health care coverage offered to future part-timers and dramatically raising premiums for many of its full-time workers. Industry observers say the changes could have implications for millions of other workers, as more companies on the fence could replicate its moves.
The discounter, which employs more than 1.4 million workers, said the changes were forced by rising health care costs. All future part-time employees working less than 24 hours a week, on average, will not be covered under the plan, starting next year.
Premiums will rise for many existing workers, and the company will reduce by half the amount it contributes for each worker to help pay for health care expenses not covered under their plan.
“Health care costs are continuing to go up faster than anyone would like,” said Greg Rossiter, a Wal-Mart spokesman. “It is a difficult decision to raise rates. But we are striking a balance between managing costs and providing quality care and coverage.” He emphasized that Wal-Mart’s health care coverage remains “top tier” among its peers.
This is just a part of the opening salvo in the private sector’s drive to reduce business costs.
A number of companies have been looking for ways to cut health care costs and have been shifting more of the burden to their employees. The costs of employer-sponsored health insurance surged 9 percent this year, according to a report released last month by Kaiser Family Foundation and the Health Research and Educational Trust. But Drew Altman, president and CEO of the Kaiser Family Foundation, said that a big package of cuts from one company is unusual.
“While we do see increases in cost sharing, this is unusual and is outside the bounds,” said Altman. “I don’t think this will have a major impact on those who tend to do a little bit of everything to control costs, but it could provide more cover for other employers who are looking to move in that direction.”
What he calls “more cover” soon will morph into “the norm” as Walmart’s competitors (most retailers in America) and Walmart’s suppliers (most manufacturers in America) are forced to cut costs, to keep pace.
Still, only about 42 percent of overall companies offer health care coverage to part-time employees, according to Kaiser. About 28 percent of retailers don’t even offer health care coverage for its part-time workers, according to Mercer, a benefits consulting company.
Retailers, in particular, have been under more pressure to cut costs, particularly in labor, as they look to offset a slow recovery in consumer spending. Wal-Mart and other merchants have scheduled employees on duty during peak sales times while reducing staffing during lulls, for example.
But the latest moves underscore the increasing pressure that Wal-Mart is under as it works hard to reverse nine straight quarters of decreases in revenue at stores open at least a year, though it is seeing the trend reversing in the last three months.
With the economy still challenging, the discounter is under the gun to cut more costs and put those savings into lower prices for shoppers to remain the low-price leader. But for Wal-Mart’s own associates, many of whom mirror their own blue-collar customers — who live from paycheck to paycheck — that means they’ll have to shoulder even more costs while grappling with higher prices in the food aisle and at the pump.
So here are the facts:
1. Health care costs are rising; fewer people can afford full health care insurance.
2. People without insurance receive poorer care and are sicker
3. Private industry and hospitals are growing more limited in their financial ability to offer free health care coverage.
4. The federal government, being Monetarily Sovereign, has no such financial limits.
5. Reduced payments to hospitals, doctors, nurses, pharmaceutical companies and researchers will result in fewer and less effective hospitals, doctors, nurses, pharmaceutical companies and researchers.
6. When the money received by hospitals, doctors, nurses and pharmaceutical companies is spent, it stimulates the entire economy.
In summary: While there may be ways to cut health care costs without reducing care, the most realistic, long-term solution for America is a universal health care plan – Medicare for everyone – funded solely by the federal government. No deductibles. No limits. No donut holes.
Our Monetarily Sovereign government can pay for it. And if you believe federal deficits cause inflation, better look at the facts.
To the degree people might take advantage of such a plan by requesting “too much” health service, even that “wasted” spending would pay for more and better doctors, hospitals and nurses, more and better drug and treatment research, and equipment – and stimulate the economy. Further, Medicare demonstrates that people seldom ask for too much service.
Medicare is a great model. A wonderful model. If Medicare did not already exist, the debt-hawks of both parties would fight to prevent it. Now, they merely fight to reduce this outstanding and beneficial plan.
All Americans, not just our wealthy who can afford any amount of health care, would be healthier, happier and live longer lives. Unlimited Medicare for everyone would help return America to its former status as the greatest nation on earth.
Rodger Malcolm Mitchell
No nation can tax itself into prosperity, nor grow without money growth. Monetary Sovereignty: Cutting federal deficits to grow the economy is like applying leeches to cure anemia. The key equation in economics: Federal Deficits – Net Imports = Net Private Savings