Night of the living debt - Insurance News | InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Newswires
Topics
    • Advisor News
    • Annuity Index
    • Annuity News
    • Companies
    • Earnings
    • Fiduciary
    • From the Field: Expert Insights
    • Health/Employee Benefits
    • Insurance & Financial Fraud
    • INN Magazine
    • Insiders Only
    • Life Insurance News
    • Newswires
    • Property and Casualty
    • Regulation News
    • Sponsored Articles
    • Washington Wire
    • Videos
    • ———
    • About
    • Meet our Editorial Staff
    • Advertise
    • Contact
    • Newsletters
  • Exclusives
  • NewsWires
  • Magazine
  • Newsletters
Sign in or register to be an INNsider.
  • AdvisorNews
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Exclusives
  • INN Magazine
  • Insurtech
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Video
  • Washington Wire
  • Life Insurance
  • Annuities
  • Advisor
  • Health/Benefits
  • Property & Casualty
  • Insurtech
  • About
  • Advertise
  • Contact
  • Editorial Staff

Get Social

  • Facebook
  • X
  • LinkedIn
Newswires
Newswires RSS Get our newsletter
Order Prints
May 26, 2023 Newswires
Share
Share
Post
Email

Night of the living debt

Berkshire Eagle, The (Pittsfield, MA)

COMMENTARY

If you're confused about our current squabble over the debt limit, you have my sympathy.

I won't even try to explain how that peculiar ceiling works. Or why congressional Republicans have balked at raising it. Or why, if a deal isn't reached soon, the U.S. economy might collapse.

I'm confused, too. That's probably because when I first encountered the term "debt limit" on some scary newscast, I thought I heard "death limit." Seemed plausible enough. If the economy collapsed, a lot of people would lose their money, jobs, health coverage, sanity and, probably, a few years off their lives.

MORRISON, Page 7

Morrison

FROM PAGE 1

Hmmm ... What if America actually did impose a death limit, an annual ceiling on the number of fatalities the nation can tolerate?

After all, we have so much mortality to work with. About 700,000 people die every year from heart disease, our leading killer. Another 600,000 perish from cancer, plus nearly 300,000 from accidents or other violence. And those are just the big ones.

Interestingly, all those numbers are influenced by government action, or deliberate lack thereof.

Take health care. Expand access to it, and deaths from all sorts of causes tend to decline. Restrict access, as some debt hawks have proposed, and the opposite happens.

Same with workplace, auto and product safety. The more protections we write into law, the fewer people die. And vice versa.

Of course, saving even a single life can be expensive. Federal agencies over the years have put that cost - shouldered by both public and private sectors and, ultimately, us - at anywhere from $100,000 (making cigarette lighters safer) to several million bucks (tightening a few restrictions on air pollution).

A 2005 proposal that would double the roof strength of new cars was rejected by the George W. Bush administration because the 135 lives potentially saved were judged insufficient for the $800 million cost, which worked out to $5.9 million each.

Economists, actuaries and moral philosophers have produced a Mount Greylock of treatises on how to value human existence. For many of us, though, the debate is irrelevant - especially if the life in question is our own.

We are never going to eliminate mortality, though we can keep it at bay through medical breakthroughs, public health improvements and, let's not forget, basic arithmetic.

We can calculate, for instance, that seatbelt laws save an estimated 15,000 lives a year, motorcycle-helmet mandates another 2,000 and child-proof caps on pill bottles a few dozen, plus thousands of costly trips to the emergency room.

We also know what COVID vaccines cost the federal government at the height of the pandemic ($21 a dose), how many Americans got inoculated (160 million) and how many lives were saved (nearly 300,000).

The expansion of Medicaid under the Affordable Care Act cost the federal government about $70 billion in 2019 and resulted in 19,000 fewer deaths. From that, we could no doubt plot the additional savings in revenue (and cost in lives) for various proposals - floated during the recent debt-limit talks - to curb Medicaid access. Of course, we'd also have to factor in lost wages and tax payments.

So, if we want to keep that lid on the national debt, perhaps we should impose one on death as well. If the latter limit gets close to being breached, our servants in Congress and the White House would be required to do what's needed to restore compliance. Fail to act, and they'd lose their subsidized health care.

Don't laugh. The U.S. is the only developed country that has chosen not to have universal coverage - a distinction that has left us with sub-par outcomes in several medical categories, most notoriously infant mortality. We have also opted to endure the world's highest medical costs.

Meanwhile, we avoid adopting some rather simple legislative and regulatory fixes that could lower not just health care prices, but also our above-average casualties from car accidents and gunshots. Indeed, we're the only major country that tolerates billion-dollar lobbying efforts to block such measures.

It's silly to squabble over an arbitrary ceiling on debt the U.S. incurred years ago. Especially when we have it in our power to reduce the number of taxpayers who will die this year.

So, let's take advantage of the current kerfuffle to set a new kind of limit, one that could save a few lives. It's the fiscally responsible thing to do.

Donald Morrison is an Eagle columnist and co-chairman of the advisory board. The opinions expressed by columnists do not necessarily reflect the views of The Berkshire Eagle.

The U.S. is the only developed country that has chosen not to have universal health coverage - a distinction that has left us with sub-par outcomes in several medical categories, most notoriously infant mortality. We have also opted to endure the world's highest medical costs.

Older

Stock market today: Asian markets mixed as US government debt talks push toward brink of default

Newer

Oath Keepers founder gets 18 years Stewart Rhodes sentenced for seditious conspiracy

Advisor News

  • Your client’s $3 million portfolio doesn’t tell you their insurance needs
  • How life insurance can provide liquidity for wealthy families
  • Retirement providers turn to digital engagement to retain assets
  • Looking out for clients with diminished mental capacity
  • House panel advances CLEAR Forms Act backed by IRI
More Advisor News

Annuity News

  • What lower interest rates mean to annuity payouts
  • AM Best downgrades A-Cap insurers amid financial and regulatory troubles
  • Lawsuit claims Delaware Life hid billions in insurer-linked investments
  • AM Best to Deliver Presentation at 2026 ACLI Annual Conference
  • Global Atlantic Announces Launch of ForeLifetime Income, a New Fixed Index Annuity
More Annuity News

Health/Employee Benefits News

  • Cayuga County holds off, for now, on retiree health insurance change
  • Conn. can halt Diamantis' pension, but can't revoke his health insurance
  • Idaho lawmakers hope to ensure timely doctor payments, treatment approvals in Medicaid transition
  • Warner calls for low-cost public health coverage Warner calls for low-cost public health coverage
  • Healthcare Budgeting: Health Savings Account or Flexible Spending Account
Sponsor
More Health/Employee Benefits News

Life Insurance News

  • Life insurance protects dependent loved ones
  • AM Best Affirms Credit Ratings of Horace Mann Educators Corporation and Its Subsidiaries
  • Abacus Global Management Completes Landmark $400 Million Securitization
  • New Rules: This bill could help cannabis companies finally get insurance coverage
  • Time to revisit your clients’ life insurance coverage
Sponsor
More Life Insurance News

NEWS INSIDE

  • Companies
  • Earnings
  • Economic News
  • INN Magazine
  • Insurtech News
  • Newswires Feed
  • Regulation News
  • Washington Wire
  • Videos

FEATURED OFFERS

Press Releases

  • Lauren Sinnott Named to Ragan’s Top Women in Marketing Awards, Class of 2026 
  • Classic Car Insurer OpenRoad Insurance Expands to 40 U.S. States in Two Years
  • How Aspire General Turned an Early Technology Bet Into Claims Automation at Scale with Kyber
  • Adjusto launches AI-Native contents claims services powered by its technology platform
  • URL Insurance Group Celebrates 40 Years of Service, Growth, and Industry Leadership
More Press Releases > Add Your Press Release >

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Advisor News
  • Annuity Index
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • From the Field: Expert Insights
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Magazine
  • Insiders Only
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Washington Wire
  • Videos
  • ———
  • About
  • Meet our Editorial Staff
  • Advertise
  • Contact
  • Newsletters

Top Sections

  • AdvisorNews
  • Annuity News
  • Health/Employee Benefits News
  • InsuranceNewsNet Magazine
  • Life Insurance News
  • Property and Casualty News
  • Washington Wire

Our Company

  • About
  • Advertise
  • Contact
  • Meet our Editorial Staff
  • Magazine Subscription
  • Write for INN

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2026 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • InsuranceNewsNet Magazine

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.