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Connecticut Gov to Cancel Medical Debt

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  • Connecticut Gov to Cancel Medical Debt

    For some positive news….

    https://youtu.be/cEFYDl-Bsik?si=k6vCkLhIx36kYDDv

  • #2
    In other Connecticut news:

    Overall debt across all areas tops $88 billion. Connecticut remains one of the most indebted states, per capita, in the nation, and required annual payments are expected to put extra pressure on state finances well into the 2030s or later.

    Source



    The General Fund is projected to be in deficit by over $1 billion per fiscal year starting in FY 22 and lasting through FY 24,” the report said. “Nonetheless, policies enacted in the recent budget will improve projected out year deficits, as compared to the baseline estimates, by approximately $1.2 billion per fiscal year.”

    Source


    According to the state's most recent Highway Transportation Asset Management Plan, Connecticut would need to invest about $900 million more each year to meet its state of good repair benchmark for bridges.

    Source
    P1) If , then I win.

    P2)

    C) I win.

    Comment


    • #3
      Sounds like he is paying the hospitals and doctors pennies on the dollar using tax money so 1. People are still paying for the medical debt, just OTHER people's medical debts. 2. They are basically stealing money from the hospitals and doctors, that they need to run the hospitals and pay the doctors.

      It could possibly cause some hospitals to go bankrupt leaving sick people no medical treatment. Or possibly the hospitals will just raise their rates to new patients to make up the shortfall.

      Comment


      • #4
        Originally posted by Sparko View Post
        Sounds like he is paying the hospitals and doctors pennies on the dollar using tax money so 1. People are still paying for the medical debt, just OTHER people's medical debts. 2. They are basically stealing money from the hospitals and doctors, that they need to run the hospitals and pay the doctors.

        It could possibly cause some hospitals to go bankrupt leaving sick people no medical treatment. Or possibly the hospitals will just raise their rates to new patients to make up the shortfall.
        Why would hospitals voluntarily sell off medical debt when doing so would cause bankruptcy? The state is acting as a debt collection agency here, buying medical debt that hospitals and private practices have written off as uncollectable — a common practice, as anyone who's been unable to pay a medical bill is well aware. But instead of turning around and trying to turn a profit by collecting on those purchased accounts, the state is cancelling them out.

        In other words, the hospitals are holding those debts until they want to sell them; no hospital is going into bankruptcy for this and hospitals already price the cost of these uncollectable accounts into their budgets and prices.

        -Sam
        "I wonder about the trees. / Why do we wish to bear / Forever the noise of these / More than another noise / So close to our dwelling place?" Robert Frost, "The Sound of Trees"

        Comment


        • #5
          Originally posted by Sam View Post

          Why would hospitals voluntarily sell off medical debt when doing so would cause bankruptcy? The state is acting as a debt collection agency here, buying medical debt that hospitals and private practices have written off as uncollectable — a common practice, as anyone who's been unable to pay a medical bill is well aware. But instead of turning around and trying to turn a profit by collecting on those purchased accounts, the state is cancelling them out.

          In other words, the hospitals are holding those debts until they want to sell them; no hospital is going into bankruptcy for this and hospitals already price the cost of these uncollectable accounts into their budgets and prices.

          -Sam
          OK that makes sense. I thought they were forcing the hospitals to settle for what they wanted to give them. If the hospitals are willing to sell the debt then it is their choice. Still using tax payer money to do it though. Federal tax payer money.

          Comment


          • #6
            Originally posted by Sparko View Post

            OK that makes sense. I thought they were forcing the hospitals to settle for what they wanted to give them. If the hospitals are willing to sell the debt then it is their choice. Still using tax payer money to do it though. Federal tax payer money.
            A good use of it, too — cancelling debt that hospitals have already written off and would funnel into concentrated investment agencies is instead freeing up money for people to use it on goods and services, increasing economic demand and production. Debt cancellation is often a force multiplier for economic growth.

            -Sam
            "I wonder about the trees. / Why do we wish to bear / Forever the noise of these / More than another noise / So close to our dwelling place?" Robert Frost, "The Sound of Trees"

            Comment


            • #7
              Originally posted by Sparko View Post
              Sounds like he is paying the hospitals and doctors pennies on the dollar using tax money so 1. People are still paying for the medical debt, just OTHER people's medical debts. 2. They are basically stealing money from the hospitals and doctors, that they need to run the hospitals and pay the doctors.

              It could possibly cause some hospitals to go bankrupt leaving sick people no medical treatment. Or possibly the hospitals will just raise their rates to new patients to make up the shortfall.
              Sounds a lot like the socialized medicine we have here.


              Securely anchored to the Rock amid every storm of trial, testing or tribulation.

              Comment


              • #8
                I really despise this "cancelling debt" nonsense that some politicians toss around. It is impossible to cancel debt, it can only be transferred to another party, in this case, to every person who pays taxes in Connecticut.
                Some may call me foolish, and some may call me odd
                But I'd rather be a fool in the eyes of man
                Than a fool in the eyes of God


                From "Fools Gold" by Petra

                Comment


                • #9
                  Originally posted by Mountain Man View Post
                  I really despise this "cancelling debt" nonsense that some politicians toss around. It is impossible to cancel debt, it can only be transferred to another party, in this case, to every person who pays taxes in Connecticut.
                  correction: every taxpayer in the country. They are using federal funds to do this.

                  Source: https://www.ctinsider.com/news/article/ct-ned-lamont-medical-debt-cancelation-18650837.php

                  Under the plan funded in the state budget last spring, Connecticut will spend $6.5 million in federal money from the American Rescue Plan Act to cancel about $650 million in medical debt held by state residents.

                  © Copyright Original Source



                  I have to admit though, that if they are paying off $650M for $6.5M, that is at least a good bargain and not the usual Government paying $500 for a hammer type spending.

                  Comment


                  • #10
                    Echoes of the old 2008/2009 stimulus debate, where folks refused to understand that government spending in periods and places of artificially-lowered demand acts as force or fiscal multiplier to not only boost personal revenue and economic production but also recoups the initial government spending by taking in otherwise-lost tax revenue.

                    Source: Fiscal Multiplier: Definition, Formula, Example. Akhilesh Ganti. Investopedia. 2021.01.18

                    Example of Fiscal Multiplier


                    Let's say that a national government enacts a $1 billion fiscal stimulus and that its consumers' MPC is 0.75. Consumers who receive the initial $1 billion will save $250 million and spend $750 million, effectively initiating another, smaller round of stimulus. The recipients of that $750 million will spend $562.5 million, and so on.

                    The total change in national income is the initial increase in government, or "autonomous," spending times the fiscal multiplier. Since the marginal propensity to consume is 0.75, the fiscal multiplier would be four. Keynesian theory would thus predict an overall boost to the national income of $4 billion as a result of the initial $1 billion fiscal stimulus.

                    © Copyright Original Source



                    -Sam
                    "I wonder about the trees. / Why do we wish to bear / Forever the noise of these / More than another noise / So close to our dwelling place?" Robert Frost, "The Sound of Trees"

                    Comment


                    • #11
                      A large part of a hospital's revenue comes from Medicare, which doesn't pay full costs.
                      Hospitals, then, have to be creative in 'coding' in order to get the most money they can for any given procedure.
                      Medicare comes in and does an audit, finds anything they can in 'coding' where they think things are unjustified, and orders a "recoupment".

                      At least, that's how it was about 20 years ago when I served on a Hospital Board for a rural hospital.

                      It's a shame it has to be some a game.
                      The first to state his case seems right until another comes and cross-examines him.

                      Comment


                      • #12
                        Originally posted by Sparko View Post

                        correction: every taxpayer in the country. They are using federal funds to do this.

                        Source: https://www.ctinsider.com/news/article/ct-ned-lamont-medical-debt-cancelation-18650837.php

                        Under the plan funded in the state budget last spring, Connecticut will spend $6.5 million in federal money from the American Rescue Plan Act to cancel about $650 million in medical debt held by state residents.

                        © Copyright Original Source



                        I have to admit though, that if they are paying off $650M for $6.5M, that is at least a good bargain and not the usual Government paying $500 for a hammer type spending.
                        Some may call me foolish, and some may call me odd
                        But I'd rather be a fool in the eyes of man
                        Than a fool in the eyes of God


                        From "Fools Gold" by Petra

                        Comment


                        • #13
                          Originally posted by Sam View Post
                          Echoes of the old 2008/2009 stimulus debate, where folks refused to understand that government spending in periods and places of artificially-lowered demand acts as force or fiscal multiplier to not only boost personal revenue and economic production but also recoups the initial government spending by taking in otherwise-lost tax revenue.

                          Source: Fiscal Multiplier: Definition, Formula, Example. Akhilesh Ganti. Investopedia. 2021.01.18

                          Example of Fiscal Multiplier


                          Let's say that a national government enacts a $1 billion fiscal stimulus and that its consumers' MPC is 0.75. Consumers who receive the initial $1 billion will save $250 million and spend $750 million, effectively initiating another, smaller round of stimulus. The recipients of that $750 million will spend $562.5 million, and so on.

                          The total change in national income is the initial increase in government, or "autonomous," spending times the fiscal multiplier. Since the marginal propensity to consume is 0.75, the fiscal multiplier would be four. Keynesian theory would thus predict an overall boost to the national income of $4 billion as a result of the initial $1 billion fiscal stimulus.

                          © Copyright Original Source



                          -Sam
                          Sam, the inflation we have been suffering recently is, at least in large part, because of those stimulus checks.

                          Comment


                          • #14
                            Originally posted by Sam View Post
                            Echoes of the old 2008/2009 stimulus debate, where folks refused to understand that government spending in periods and places of artificially-lowered demand acts as force or fiscal multiplier to not only boost personal revenue and economic production but also recoups the initial government spending by taking in otherwise-lost tax revenue.

                            Source: Fiscal Multiplier: Definition, Formula, Example. Akhilesh Ganti. Investopedia. 2021.01.18

                            Example of Fiscal Multiplier


                            Let's say that a national government enacts a $1 billion fiscal stimulus and that its consumers' MPC is 0.75. Consumers who receive the initial $1 billion will save $250 million and spend $750 million, effectively initiating another, smaller round of stimulus. The recipients of that $750 million will spend $562.5 million, and so on.

                            The total change in national income is the initial increase in government, or "autonomous," spending times the fiscal multiplier. Since the marginal propensity to consume is 0.75, the fiscal multiplier would be four. Keynesian theory would thus predict an overall boost to the national income of $4 billion as a result of the initial $1 billion fiscal stimulus.

                            © Copyright Original Source



                            -Sam
                            That's the theory. What's the reality?
                            Some may call me foolish, and some may call me odd
                            But I'd rather be a fool in the eyes of man
                            Than a fool in the eyes of God


                            From "Fools Gold" by Petra

                            Comment


                            • #15
                              Originally posted by Mountain Man View Post

                              That's the theory. What's the reality?
                              The reality of Keynesianism? Trillions in government debt.
                              P1) If , then I win.

                              P2)

                              C) I win.

                              Comment

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