South Korea, Taiwan, Beijing and Hong Kong have weathered the coronavirus far better than other countries. On a per capita basis, these countries and cities had more than 100 times as many Wuhan visitors as New York City or Milan. But they’ve each done an outstanding job of controlling the virus. So, what has really worked in these five places as well as in China, which has put a tight lid on COVID-19? The answer is in plain sight from pictures of daily life in the five success stories: People wear masks. And they do so with complete discipline. More
Here is the most important: Cut Your Spending and Tap Your Retirement Account Assets. Suppose you expect to be furloughed or laid off for the next two years. Using Prof. Laurence Kotlikoff’s one-of-its-kind life time financial planning software ( https://maxifiplanner.com/), you can adjust your annual spending downward by an appropriate amount and make two withdrawals from your IRA to tide you over. The CARES act lets you do this without penalty. More
In addition to the federal income tax and all its special provisions, there are 42 separate state income tax systems. Then there are more than 30 different federal entitlement programs (most of which are state specific), including Medicaid, Obamacare, TAFDC, SNAP, Housing Assistance, Child Care Assistance, and Energy Assistance, etc. Here’s the bottom line from Prof. Kotlikoff: the average household in this country can expect to keep about 57 cents out of every dollar of earnings. When you earn a dollar, you are only earning a little more than half of that dollar for yourself. The rest of the dollar will go to the government. More
Regulations that lock down the economy are killing people. Deregulation is saving them. That’s the theme of several research projects at the GIPPR. It’s also the theme of John Goodman’s latest post at Forbes. Governmental bodies are repealing laws, suspending regulations, and ignoring previous restrictions that impeded the ability of the private sector to act. They are liberating doctors, nurses, drug manufacturers, test makers, makers of personal protective equipment, etc., to do things that were illegal to do only a few months ago. More
A frequent criticism of US hospitals is the charge of excessive adverse medical events, sometimes leading to avoidable deaths. How do our hospitals compare to hospitals in national health care systems? Quite well. The percent of patients who experience an adverse event is twice as high in Canada, three times as high in Britain and four times as high in New Zealand. More
Bank of America has been giving priority to large corporations who have connections to officials at the Bank who will process their loans in front of the line. Those large corporations are in far better shape to weather this, the Greatest Depression, than virtually all truly small companies for whom the Paycheck Protection Program (PPP) funding and forgiveness represents the difference between economic life and death. More.
The mainstream media had a field day condemning Donald Trump for promoting off-label uses of prescription drugs to treat the coronavirus. So what do you expect to happen when a drug is “proven”? Did you know that “approved” drugs work only half the time? What about “unproven” drugs? Did you know that as many as one in five drugs in use in the United States has been prescribed for an off-label purpose? Roughly one-half of all cancer patients are relying on off-label prescriptions. Much of what doctors know they learn by trial and error – outside of FDA tests. More.
A revolution is occurring in the way medical care is being delivered in the United States. It is happening almost overnight. People have stopped going to hospital emergency rooms. They have stopped going to doctors’ offices. Most of the nation is self-isolating. Doctors and patients are no exception. They are communicating by means of phone, email, Skype, Zoom and other devices. Last December, Zoom was the host of 10 million video conferences a day. Last week, the company was hosting 200 million a day. Many of those were patient/doctor communications. More.
I suspect that behind a veil of ignorance, you would choose rationing rules that favor people who are doing the most to improve the lives of other people. And I think this is what the health professionals do as well. Prospects for survival are important because the better the prospects, the more likely the patient is to contribute to social welfare as a whole. Age is important, because the more years of life the patient has left, the more opportunities there will be to make such contributions. More.
A bird in the hand is worth two in the bush. Paying off your mortgage may not be as glamorous as playing the market. But think of it this way. You’ll never have to make another mortgage payment for the rest of your life. Won’t that feel great! More.