Tuesday, October 17, 2006

 

Ohio's textbook economy

Geez Loueez, somebody warn the Debster. From Families USA:
Ohioans' earnings have grown more slowly than the national average while health costs in the state have skyrocketed as much as or more than they have across the country, according to a new report.

Families USA, a group that promotes universal health care, found health insurance costs in Ohio rose 8.4 times faster than earnings from 2000 to 2006. Nationally, the report found insurance premiums grew 6.4 times faster than median earnings.

The amount Ohio workers and employers must pay for family health insurance premiums has risen 73.3 percent over the six years, about the same as the national average. Individual premiums in Ohio have increased 73.8 percent, more than the national average of 64.1 percent.

The average median income in Ohio, meanwhile, went up only 8.7 percent during the same period — shy of the national earnings increase of 11.6 percent, Families USA found using U.S. Census, Labor Department and Health and Human Services data.

"If earnings continue to lag behind fast-rising health care costs, Ohioans will face diminishing economic and health security," said Ron Pollack, executive director of Families USA.
We agree fully with Pollack and made the same point a few weeks ago in response to some new Kaiser Family Foundation research, however we believe the results will be more cataclysmic, particularly for pension plans.

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