Market comment 2020

[admin]

The American health care system fails at every one of these tasks. Nearly 30 million Americans are uninsured, and a further 44 million are underinsured — meaning they will likely hesitate to go to the doctor if they start developing COVID-19 symptoms. This problem is seriously exacerbated by the rampant predatory profiteering that infects every corner of the health care system. Indeed, responsible citizens who have gone in for tests have already started getting slammed with multi-thousand dollar bills. A father and daughter who were evacuated from China and then forcibly quarantined for several days (luckily they were not infected) went home to find $3,918 in bills.

If you are working-class person with a $10,000 deductible (not at all uncommon), going to the doctor simply because you have flu-like symptoms (which is how most cases of COVID-19 are experienced) could very easily send you into bankruptcy. If infected, millions of Americans are likely going to take their chances — and keep spreading the virus... 

The United States is one of only a handful of countries (almost all of them desperately poor) with no national sick leave program, which means many workers who come down with COVID-19 will be forced to choose between starving or spreading the disease. Food service workers are especially unlikely to have sick leave from their employers, and are generally not paid well either. So-called "gig economy" companies naturally provide no sick leave either. In China, food delivery services have been critical for feeding cities under lockdown, but in America they are likely to become just another vector of infection.