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September 30, 2004
Workers compensation reform.
My father is a small business man. He would probably be the owner of a large business, save that workers compensation insurance eats up over 100% of his Gross profit. Since that business pays for roughly 100% of my non-state-financed educational/living expenses, this is something of an important issue for me. The good news is that there are proposed solutions:
The Republican solution:
The Republican Party tends to see workers comp. as a problem with lawyers. Specifically, they think that if lawyers weren’t so well compensated for punishing the wrongdoing for companies, insurance rates wouldn’t have to be so high. Cap awards, the theory goes, and watch rates fall...
The Democratic Solution:
This is a joke. I haven’t heard a Democratic solution. Which is part of the problem...
The Republican solution doesn’t really work because it isn’t lawyers making a lot of money on the current system, but rather the insurance companies...
The solution I would like to offer is an adaptation of the old Usury laws to insurance companies. Simply set the amount of profit they are allowed to make, perhaps linking it to the amount they spend per injured worker (to give insurance companies incentive to spend money on injured people...
Comments?
Posted by Andrew at September 30, 2004 01:14 PM
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