theinvisibleheart
New member
WA, tort cost and capitalism
Product litigation doesn't produce anything. Not only that, rise in tort costs have outpaced both inflation and GDP growth.
Tort cost behave like taxes and product regulation, both of which are enemies of capitalism and free market.
As of 2003,
1. tort costs exceed $200B (B=Billion) annually
2. it's more than 2% of U.S. GDP
3. tort cost in U.S. are substantially higher than other developed nation
4. in 2001, tort costs grew by 14.3%
5. over the last 30 years, tort costs grew at an annualized rate of 9.1% compared to CPI(measure of inflation) at 5%, U.S. population at 1.1%, and GDP at 7.6%
Capitalism made our country wealthy. Tort is doing the exact opposite, except for lawyers.
--John
Wildalaska said:All things being equal, the ninny that shot himself deserved it for being an idiot. And Freedom Arms deserved it for not making their gun, in the very essense of reality, idiot proof.
But thats capitalism folks. The law is an industry like everything else.
Product litigation doesn't produce anything. Not only that, rise in tort costs have outpaced both inflation and GDP growth.
Tort cost behave like taxes and product regulation, both of which are enemies of capitalism and free market.
As of 2003,
1. tort costs exceed $200B (B=Billion) annually
2. it's more than 2% of U.S. GDP
3. tort cost in U.S. are substantially higher than other developed nation
4. in 2001, tort costs grew by 14.3%
5. over the last 30 years, tort costs grew at an annualized rate of 9.1% compared to CPI(measure of inflation) at 5%, U.S. population at 1.1%, and GDP at 7.6%
Capitalism made our country wealthy. Tort is doing the exact opposite, except for lawyers.
--John