Home Business It’s About Time – Tort Reform

It’s About Time – Tort Reform

SHARE

It’s about time. the unknown secret is that you can’t make a business pay for a lawsuit, especially in the era of liability insurance. All the fees for both sides, the insurance company, and the settlement are all built into the insurance premium the company pays. Through acturial magic, bean counters can estimate how much they will pay out in legal fees for the year and then map that to the fees they charge. Those fees are built into the cost of goods sold by the business, so in the end, the consumer (as always) pays. You tax a business, the consumer pays. You create regulatory costs, the consumer pays. There is only one case the consumer does not pay. When the fire employees to save money to offset.

Billions are bilked from the economy through these bottom-feeder lawsuits (and ironically I’m writing this from a law office), it’s time to put it to an end. There is no justice in making society pay for someone else’s bad actions.

John Bambenek is the Assistant Politics Editor for Blogcritics and is an academic professional for the University of Illinois. He is a freelance columnist who blogs at Part-Time Pundit and the executive director of The Tumaini Foundation which helps AIDS orphans and other children in Tanzania to get an education. He is the current owner of BlogSoldiers, a blog-only traffic exchange.

http://gopusa.com/news/2005/january/0106_bush_tort_reform.shtml

LEAVE A REPLY

Please enter your comment!
Please enter your name here