62% of Bankruptcies caused by Medical Expense in USA

A recent study by Harvard Law School and Ohio University concluded that 62% of all bankruptcies in the USA, for 12 months June to June, 2009 were caused by medical expenses. Hospitals, drug companies, doctors, and insurance companies got most of the money. 

Over 800,000 Americans filed bankruptcy during this time, because they were sick, and the system simply took all their money and assets.

This reminded me of Franklin Roosevelt’s speech to the nation, January 11, 1944.

There he mentioned that American’s had a “legal” bill of rights, but not a “living” bill of rights. He called for a 2nd Bill of Rights as follows:

1. The right of every American to a useful and remunerative job.
2. The right of every American to earn enough for clothing, food, and necessities.
3. The right of farmers to raise and sell their products at “a fair price” to earn a decent living.
4. The freedom from unfair competition from abroad, with no domination by monopolies.
5. The right of every American to own a home.
6. The right of every American to healthcare.
7. Protection of old people from economic fear, sickness and unemployment.
8. The right of every American to an education.

Then he made some comments that seem pertinent to our times today.

“We cannot bow to the grave danger of rightest reaction. Our greatest enemies here at home have a spirit of Fascism, that we cannot yield to. If we do we would retreat to the philosophy of the 1920’s “(which brought total deregulation, and the great stock market crash).

Fascism is defined as: “Authoritarian, nationalistic patriotism for the government dominated by the extreme right wing with intolerant views. A giving of power of government to business, and allowing business to enforce their power in government name.”

Roosevelt died without enacting this Bill of Rights. But consider what it would mean for millions to “have a job, a home, a fair price for their goods, healthcare, and an education”.

If we had this, we wouldn’t see 800,000 Americans a year file bankruptcy, millions more lose their homes, and a nation struggling with recession brought on by Wall Street, bankers excesses, and greed of the top richest 1% who own 99% of all the assets in America.

65 years after Franklin Roosevelt's speech, we still are trying to live up to his vision. Polls show that 65% of Americans want better healthcare. Perhaps in 2010 we will see reality of his dream, a dream for all Americans.