> Germany’s grossly unequal distribution of wealth is an underappreciated cause of this malaise: The top 10% of households have at least €725,000 ($793,000) of net assets and control more than half of the country’s wealth, while the bottom 40% of households have at most €44,000 of net assets, according to a Bundesbank survey in 2021.1
>This includes medical debt (#1 reason for bankruptcy), which is considered a consumer PRODUCT.
Only 4% of US bankruptcies are because of medical bills <https://www.washingtonpost.com/blogs/post-partisan/wp/2018/0...>. A tipoff that [insert large percentage here] of bankruptcies aren't actually because of medical costs is that only 6% of bankruptcies by those without health insurance are because of that cause. The biggest cause of bankruptcies is lack of income, which health insurance doesn't affect.
>The Kaiser Family Foundation showed that 41% of U.S. citizens carry some sort of medical debt, and 24% were considering bankruptcy to solve a medical debt issue.
You're correct my phrasing of "large percentages" wasn't correct; instead, what I meant to have said was that health issues in USA are largest single contributing issue affecting bankruptcy within our country.
I'm not trying to smear shit — I dropped out of medical school fifteen+ years ago and haven't myself had health insurance for the majority of my adulthood [decades+]. If I had a family, I would approach my insurance needs differently... but I just choose to opt-out (knowing this is not good for healthcare management, long-term).
So yes, technically you're correct to say that "The biggest cause of bankruptcies is lack of income." The best kind of correct [technical, misunderstanding the premise].
I'm sure the USA can beat these numbers.