Skyrocketing Insurance Costs
I was gratified to see the article on skyrocketing insurance liability.
What is unquestionably the most pervasive and confiscatory scheme to arise since the advent of the capital tax transfer is plowing asunder virtually every entrepreneur and corporation’s ability to remain solvent.
For those politicians who are slow to grasp the realization, then let me spell it out: I-N-S-U-R-A-N-C-E P-R-E-M-I-U-M-S. Opportunistic citizens and lawyers (who were once known as ambulance chasers, but now seem to include the majority of the profession) are having a high old time pressing claims against every minor and major annoyance that their minds can conceive.
A person stumbles over his own feet, and is advised to file suit. A vague slur is enough to send an offended opportunist headed for an attorney. Phony claims abound, and companies are obliged to make restitution. (To a lawyer, however, there is no such thing as a phony claim--they will take what they can get--plenty.)
The politicians are quick to render local governments liable (i.e, “Deep Pockets” judgments); and the lawyer’s associations continue to bleed municipalities--for woe be unto those who dare to interfere with the legal profession’s easy-money scheme.
Slack-jawed judges--readily gullible to any sad story--and insensitive to the repercussions of their judgments--send a plaintiff off with wheelbarrows of money in compensation. Jurors, unable to see beyond the length of their noses, happily award tens of millions to phony and nuisance claims, “in the name of justice.” And the lawyers get 30% to 50% of the award.
Are the politicians ignorant of all that is happening? Are they aware that the RTD has had an increase in premiums over 4600%? Will such skull-numbing increases lower bus fares? Local governments are rejecting their 1000% premium increases, and playing ostrich; small business persons have gasped last breaths. Taxes are increased to handle the rate surges. Inflation in retail prices is reflecting the 100% to 1000% rates in insurance liability.
Not even Lenin himself could have instigated a more insidious and ruinous capital transfer scheme against the entrepreneur.
HAL I. GOLDEN
Los Angeles
