Link: Health care reform and consumer finance…
August 13, 2009
“Noting that 40 million people lacked heath coverage of any kind, [SMR Research Corporation] identifies large uninsured medical expenses as one of the key ‘financial catastrophes’ leading to bankruptcy.” – Charles A. Luckett, Retired Board of Governors of the Fedearl Reserve System, In The Impact of Public Policy on Consumer Credit, Eds. Thomas A. Durkin and Michase E. State, 2002.
Health care reform may be about providing quality medical insurance to all Americans. According to the observation above (made prior to the 2005 Bush reforms to the bankruptcy code) it is also about relieving US citizens of the crushing financial cost, usually born on credit, for unexpected health related expenses.
The argument that hard-working middle class families are pushed to the brink by largely unforseen but everyday events such as accidents, disease and divorce has been propounded by Elizabeth Warren, head of the TARP oversight committee, and proponent of the creation of a Consumer Financial Protection Agency.