The Medical Bankruptcy Fear-Mongering

Fighting the doomsayers…

The entire reason I started my Youtube channel last year was because I became so disgusted with the fear-mongering around retirement planning I had to say something.

The first few months it seemed I was talking to myself as I had few subscribers. Didn’t matter though because it was cathartic to me. I was able to say ALL the things I’d been denied to say while working for other firms. Liberating to say the least.

Fast forward to today though, and well over 20,000 people have found my Youtube channel interesting enough where they actually hit “Subscribe”. So, obviously, my message has not fallen on deaf ears, which is incredibly gratifying, and humbling too, as you don’t want to let these people down.

Unfortunately, when you are talking financial planning it is inherently a political topic and thus sometimes you’re going to have to take sides. I had a guy post a comment the other day saying “too much politics”. I don’t know if he was referencing the topic at hand, health care, or the fact that I brought politics into the video. But the facts are EVERYTHING we do is political. There is a reason why two liberal law professors, Silvergate and Dershowitz, wrote the book, “3 Felonies a Day”.

“The average professional in this country wakes up in the morning, goes to work, comes home, eats dinner, and then goes to sleep, unaware that he or she has likely committed several federal crimes that day. Why? The answer lies in the very nature of modern federal criminal laws, which have exploded in number but also become impossibly broad and vague. In Three Felonies a Day, Harvey A. Silverglate reveals how federal criminal laws have become dangerously disconnected from the English common law tradition and how prosecutors can pin arguable federal crimes on any one of us, for even the most seemingly innocuous behavior.”
So, while YOU may not like politics, politics definitely likes you. And you are in knee-deep in it, no matter your disdain of that dirty business.

And now that we’ve started the madness of the Presidential election season, we’ll no doubt hear calls for various government programs to “save us” from whatever calamity is under the bed, ready to attack.

The big one today is health care. Well, some on the left might say climate change so I’ll let them fight that out. But health care is where I want to focus on today.

No doubt you’ve been lead to believe that you’re only one sneeze away from filing bankruptcy due to health costs. I GUARAN-FLIPPING-TEE it that if you took a poll of 1000 random people and ask what the leading cause of bankruptcy is the VAST majority would say health expenses.

The fear of health care costs has been a favorite boogeyman not only for the left but also for the financial industry too. See my post here. Or you can see my HUGE library of posts on heath care here. Or if you’re so inclined and want to look outside of what your ole buddy Josh is saying you can listen to this Vanguard podcast on the topic.

As you can hopefully begin to see, the issue isn’t NEARLY as cut and dried as the purveyors of doom would have you believe. But it still resonates with a lot of people, voters and investors alike. The reason for this, I have to say, is because of the ignorance of the general population. Many people are simply resolved to reading a headline and maybe the first paragraph of a story and then assuming it’s true.

And that is EXACTLY how we got where we are today. Elizabeth Warren and some of her Harvard chums KNEW the media is a lap-dog for whatever high-credentialed left-wing professors from Ivy league schools were saying. And if those professors can use the words “Study finds…” all the better because from the medias perspective that means it’s “SCIENCE”. And “SCIENCE” conducted from credentialed left-wing professors from the Ivy league can’t be questioned. So the “findings’ get regurgitated without any questioning whatsoever.

Look I hate to smear our wonderful media but if you look at the bio’s of various authors nowadays you’ll see these folks are YOUNG. I’d imagine barely out of college. With little to no experience at all. I don’t blame them for their being almost awe-struck from these Ivy League professors. After all, the editors of these media outlets are just as committed to the narrative. So, it’s job security to go right along without questioning the premise.

Here was Obama’s foreign policy “expert” Ben Rhodes talking about the media:

“Most of the outlets are reporting on world events from Washington. The average reporter we talk to is 27 years old, and their only reporting experience consists of being around political campaigns. That’s a sea change. They literally know nothing.”

Thus we know the media won’t challenge the narrative of these credentialed, left-wing Ivy League professors. The academics basically have a free-pass in their desire to scare folks into turning more of their freedom over to government to protect them.

In 2005 a rather un-known law professor, teaming up with a couple Docs who were advocates for a Single Payer Health Program wrote this paper “Illness and Injury as Contributors to Bankruptcy.” The paper gained a mountain of momentum and the narrative was established. They wrote a follow up in 2007 and then wrote an “update” in 2009 after coming under HUGE criticism because the paper’s initial findings were fake.

But the damage was done. Obama ran on the theory that every 30 seconds someone in America files for bankruptcy due to medical bills and the rest is history. Turns out you really couldn’t “keep your doctor” after all.

Fast forward to today and Elizabeth Warren seems to be a top-tier candidate for the Democratic nomination. And, even after the lies of the ‘study’ were exposed, the proponents continue to promote the fraud…to this very day:

“New medical bankruptcy study: Two-thirds of filers cite illness and medical bills as contributors to financial ruin.”

Oh, yeah, they changed the narrative from medical bills as CAUSING the bankruptcy to: “medical bills as contributors to financial ruin.”

See what they did there? If we had a normal, curious media, these people would be laughed at. Yet, go back to Ben Rhodes, the average reporter is 27 years old “they literally know nothing.”

So, it’s left to others to speak “Truth to Power”. Did I actually say that? Truth to power? Ugh. But in this regard it’s the correct term because the power rests in the mainstream media’s continued dominance to establish the narrative. The narrative created by well-funded academic elites held in the highest esteem by the media. The media is left, academia is left and with little effort a narrative takes hold that has taken a no-name Professor to the cusp of the Presidency. All based on a fraud. (Well in her case TWO FRAUDS, but we’ll leave that for another day.)

Isn’t America great?

P.S.yesterday I did THREE videos on the fraud of medical bankruptcies for your viewing pleasure.

The Medical Bankruptcy Fraud

The Real Cause of Bankruptcies

4%, That’s It!

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