PAM 230 review for midterm - PAM 2300: Review Session for...

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PAM 2300: Review Session for Prelim II Sunday November 23, 2008 BRING A CALCULATOR Sections o Wake up call Deficit for the 2009 fiscal year is projected to be $410 billion or about 3.3% of GDP Social security ‘Ponzi’ pay as you go system with each generation paying for the next Workers pay for non workers Taxes are REGRESSIVE Lower income workers pay a larger % of their total earnings than higher income workers Video talked about ‘fiscal cancer’ spending more money than we make and expecting future generations to pay for it (credit card analogy) Exacerbated by the baby boom Total fertility rate: average number ocf children that aa woman may be expected to have during her childbearing years Replacement level of fertility: the number of children a woman would have to have on average to keep one generation as large as the previous generation Industrialized country phenomenon: developing countries have higher total fertility Dependency ratio o Comparative health care systems Health care costs The US government currently provides 44% of health care Total health care spending was 2.3 trillion in 2007 representing 16% of GDP ADVERSE SELECTION. . will be on exam
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o Healthy individuals seek policies with less complete coverage and lower premiums o Unhealthy individuals seek more generous health insurance policies Shared Risk pool o Many people contributing to pay for healthcare costs that we all need o Young people paying fo r the old o The wel paying in to those who are no longer well Single payer system o One health insurance agency o everyone pays into that agency o all payments made from that agency to healthcare providers o The other drug war Rising cost of prescription drugs Increase in the number of prescriptions dispensed Increase in prices Changes in the types of drugs used Drilling for oil High risk business= high returns Business that involve the most time and/or the most risk often incur the highest profits Copycat drug Recently developed, very similar to preexisting drugs Direct to consumer advertising Informs patients; not necessarily with full information Demand increases for more advertised drugs May not be the best drug on the maret Doctor’s personal financial gain Understand pros and cons of this o School choice Public v private school funding
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Charter, magnet Monopoly inefficiency Lack of competition No incentive to provide service No pressure to improve Competitive system Pressure incentive to improve Students are consumers: need to retain/attract customer base as in any business Vouchers 2002 Zelman v Simmons Harris -as long as government money is not neutral and students have choice whether they go to religious or non religious it is constitutional ON EXAM: pros and cons of vouchers, they create competition however you are taking students from public schools, this will
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PAM 230 review for midterm - PAM 2300: Review Session for...

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