Forums: Community: The Soap Box: Re: [USnavy] Why the Tea Party and the GOP can get away with it: Edit Log

Partner rrrADAM

Oct 17, 2013, 12:29 PM

Views: 1632

Registered: Dec 19, 1999
Posts: 17543

Re: [USnavy] Why the Tea Party and the GOP can get away with it
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USnavy wrote:
cracklover wrote:
Kartessa wrote:
cracklover wrote:
So here's an interesting statistic. Roughly 15% of American households have filed for bankruptcy. That's pretty insane. That says to me that as Americans, the thought of just not paying our bills and saying "fuck it, I know I bought it, but I'm not going to pay for it" is simply not such a foreign concept.


Try and figure out how many of those 15% had to file due to unforeseen job losses, mortgage issues, or my personal favourite: Healthcare costs. It's amazing how quickly those costs add up for people who don't have access to affordable insurance.

I dunno, but I'd guess 90% or more. What's your point?

As others have expressed, few people file for bankruptcy for the reasons you implied. The vast majority of bankruptcy filings come as a result of medical expenses, and of that portion, the majority of them had health insurance. Of those who dident have health insurance or dident file for bankruptcy as a result of medical problems, the remaining majority file for bankruptcy directly as a result of loosing their job. It's the extreme minority that file for bankruptcy as a result of careless spending.

See bold above, and please provide where you get your data... Or, is this your "gut feeling"? As I don't think with my gut.

From my experiences in Southern California, Las Vegas, NV, and now North Carolina... The bulk of the bankruptcies and people walking away from their mortgages are a result of 1) job loss, 2) their house being worth well less than what they paid for it, and they purposely choose to walk away from it, and 3) people using the equity in their house like an ATM and refinancing on to pull out the cash, buy cars and boats, and then being upside down when the housing bubble burst... I personally know quite a few who did option 3.

I do not discount the fact that medical expenses for one's self, or for a family member, can lead to this... Many of you may remember Diego, and his medical costs went over the $1 million mark his dad's insurance covered (Pre Affordable Healthcare Act, as now there is no limit), and they almost lost their house caring for him before he died. But I have not seen it to be the "vast majority".

Point... Both are due to poor financial choices. i.e. living beyond their means by buying too much house

(This post was edited by rrrADAM on Oct 17, 2013, 12:31 PM)

Edit Log:
Post edited by rrrADAM () on Oct 17, 2013, 12:31 PM

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