Just how profitable is the healthcare industry?

Normally I write about anime and anime conventions, but I want to talk today about something that affects everyone and is getting to be a bigger and bigger issue.

A lot of people who attend my conventions are young people who work retail or other part-time jobs that don’t provide health insurance coverage. Health insurance these days, for a young person between 25 and 35, can cost between $200 and $600 per month.

The average retail employee in Iowa, my home state, makes $9.35 per hour. Per hour! It then takes approximately 30 hours of work to pay for a $300 health insurance plan for that month! That’s most of a week’s wages just to have healthcare.

Most models experts say that housing costs are typically between 30-50% of your income, meaning that after a full month of work, after deducting the cost of a) housing and b) health insurance, someone would only have $150-$300 left for car insurance, gas, car payments, education, food, and entertainment. Most of that is going to go to gas and car payments just to get to work. They might be left with $50 at the end for everything else. That’s not sustainable.

Why does this insurance cost so much?

Health insurance is expensive for young people due to the profits in the healthcare industry.

The profits in the healthcare industry are astronomical. The healthcare industry makes a lot of money by charging high prices for medications, medical procedures, and hospital stays. Insurance companies often have to pass those high costs onto their customers to stay profitable. The lack of government regulation and price controls, as well as the high cost of research and development for new drugs and treatments, all contribute to the high prices. Unfortunately, it’s the young and working class who are hit the hardest by these hefty costs, and often have to choose between paying for healthcare and covering their basic needs. The current system is unsustainable and needs to be reformed in order to provide affordable healthcare for all.

How high are the profits? Here are some specific healthcare companies and their recent profits: Here are some specific healthcare companies and their recent profits: UnitedHealth Group, one of the largest health insurers in the US, made nearly $14 billion in profits in 2020. Pfizer, a pharmaceutical company, brought in over $41 billion in revenue that same year. And let’s not forget the top earners: Johnson & Johnson and Abbott Laboratories, which made a whopping $43 billion and $20 billion in revenue, respectively. These companies are undoubtedly making a lot of money, but it’s the everyday people who suffer the consequences of their greed. It’s time we demand better and fight for affordable healthcare for all. The current system is broken and it’s up to us to demand change.

UnitedHealth Group could have given a $500 refund to every single one of its 20 million customers and still made billions in profits.

It’s truly staggering to think about just how much money these healthcare companies are making. It’s especially frustrating when you consider that so many people, particularly young people and those in the working class, are struggling to afford basic healthcare needs. With the profits that these companies are raking in, it’s clear that something needs to change.

We’re not even benefiting from these high profits.

The US has also, for the first time, nosedived in average life expectancy, while other countries are still improving.

It’s important to note that despite these astronomical profits, much of the money is not being reinvested in improving healthcare. The funds are not being used to develop new treatments, increase access to care, or train more doctors. Instead, they are going towards executive salaries, shareholder dividends, and other non-essential areas that don’t contribute to improving patient care.

Furthermore, the US is falling behind other countries in terms of healthcare outcomes, despite spending more money per capita than any other country. This is evident in the fact that the US has recently experienced a decline in average life expectancy, while other countries continue to improve. This suggests that the healthcare system in the US is not only expensive but also inefficient.

It’s clear that the current healthcare system is not sustainable, and it’s time for a change. We need a system that prioritizes patient care over profits, and that invests in developing new treatments, increasing access to care, and training more doctors. We need a system that puts the health and well-being of everyday people first, rather than the profits of a few large corporations.

It’s time we demand a shareholders profit tax that requires companies to pay higher taxes that can go towards public healthcare costs and education, rather than lining the pockets of private equity investors like Warren Buffet, Elon Musk, Stephen Schwarzman, and other billionaire investors.

The uber-wealthy try to make you think all tax increases are bad. But taxes have increased on you for 50 years, while taxes on the uber-wealthy continue to fall.

Many wealthy individuals and corporations often push back against any kind of tax increase, arguing that it would harm the economy or hurt job creation. However, the reality is that taxes on the middle and lower class have steadily increased over the past several decades, while taxes on the ultra-wealthy have continued to decline. This is largely due to a combination of tax loopholes, deductions, and offshore accounts that allow the wealthy to avoid paying their fair share.

In fact, according to a recent report by the Institute on Taxation and Economic Policy, the 400 wealthiest Americans pay a lower tax rate than the bottom 50% of households. This is a clear indication that the tax system is rigged in favor of the wealthy, and that urgent action is needed to address this inequality.

Implementing a shareholder profit tax could be one way to help close this gap and ensure that the ultra-wealthy are paying their fair share. By redirecting these funds towards public healthcare and education, we can help create a more just and equitable society for everyone. It’s time to demand that the wealthy pay their fair share and work towards a future where everyone has access to quality healthcare and education.

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