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Saturday, May 10, 2008

The benefits of tort reform

Stephen Moore chronicles how quickly Mississippi has started turning around in the wake of the massive tort reform efforts led by Governor Haley Barbour. It has gone from being a haven for every crackpot lawsuit in the country to having one of the fastest growing economies of the 50 states.
We were America's No. 1 judicial hell hole for jackpot jury verdicts," the two-term Republican governor told me. "For trial lawyers, this was the state you wanted to come to if you wanted to sue someone."

But it was not the state to come to if you wanted to start a business. Mississippi's antibusiness reputation was so awful, Mr. Barbour said, that the CEOs of several Fortune 500 companies told him specifically that they wouldn't consider locating in the state unless the tort system was fixed.

For doctors, the situation was a little different – many who were inside the state were getting out as fast as they could. With 25% annual increases in malpractice premiums, many physicians simply couldn't survive if they stayed. The outflux left some counties without a single obstetrician. In some cases, residents had to drive 100 miles to find a doctor.
People were losing jobs and not being able to find medical care because of lawsuits. With Barbour's leadership, Mississippi passed a tough tort reform and the results have been relatively quick.
Almost overnight, the flow of lawsuits began to dry up and businesses started to trickle in. Federal Express invested $1 billion in a new facility in the state. Toyota chose Mississippi over about a dozen other states for a new $1.2 billion, 2,000-worker auto plant. The auto maker has stipulated that the company would pull up stakes if the tort reforms were overturned by the legislature or activist judges.

That hasn't happened. About 60,000 new jobs have arrived in four years – not a small number in a workforce of about 1.3 million – and a sharp improvement from the 30,000 jobs lost in the four years before Mr. Barbour took office. Since the law took effect, the number of medical malpractice lawsuits has fallen by nearly 90%, which in turn has cut malpractice insurance costs by 30% to 45%, depending on the county.

Thanks to Mr. Barbour, the state's unemployment rate is down to about 6% from nearly 9%. Last year, Mississippi's per capita income growth was 6.7%, third highest of the 50 states and well above the national average of 5.2%. Mississippi tort reform is making the poor richer, and the rich lawyers less fabulously rich. Now that's a good way to close the income gap.
Unfortunately, Mississippi may be a unique example as trial lawyers spend billions to elect Democrats who promise to block any more tort reform around the country. Talk about give-aways to the wealthy special interests!

Those who would ridicule and stop tort reform should come to Mississippi.
Labels: Economics, Legal issues

posted by Betsy Newmark permalink 7:59 AM 0 comments

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Stephen Moore chronicles how quickly Mississippi has started turning around in the wake of the massive tort reform efforts led by Governor Haley Barbour. It has gone from being a haven for every crackpot lawsuit in the country to having one of the fastest growing economies of the 50 states.

We were America's No. 1 judicial hell hole for jackpot jury verdicts," the two-term Republican governor told me. "For trial lawyers, this was the state you wanted to come to if you wanted to sue someone."

But it was not the state to come to if you wanted to start a business. Mississippi's antibusiness reputation was so awful, Mr. Barbour said, that the CEOs of several Fortune 500 companies told him specifically that they wouldn't consider locating in the state unless the tort system was fixed.

For doctors, the situation was a little different – many who were inside the state were getting out as fast as they could. With 25% annual increases in malpractice premiums, many physicians simply couldn't survive if they stayed. The outflux left some counties without a single obstetrician. In some cases, residents had to drive 100 miles to find a doctor.

People were losing jobs and not being able to find medical care because of lawsuits. With Barbour's leadership, Mississippi passed a tough tort reform and the results have been relatively quick.

Almost overnight, the flow of lawsuits began to dry up and businesses started to trickle in. Federal Express invested $1 billion in a new facility in the state. Toyota chose Mississippi over about a dozen other states for a new $1.2 billion, 2,000-worker auto plant. The auto maker has stipulated that the company would pull up stakes if the tort reforms were overturned by the legislature or activist judges.

That hasn't happened. About 60,000 new jobs have arrived in four years – not a small number in a workforce of about 1.3 million – and a sharp improvement from the 30,000 jobs lost in the four years before Mr. Barbour took office. Since the law took effect, the number of medical malpractice lawsuits has fallen by nearly 90%, which in turn has cut malpractice insurance costs by 30% to 45%, depending on the county.

Thanks to Mr. Barbour, the state's unemployment rate is down to about 6% from nearly 9%. Last year, Mississippi's per capita income growth was 6.7%, third highest of the 50 states and well above the national average of 5.2%. Mississippi tort reform is making the poor richer, and the rich lawyers less fabulously rich. Now that's a good way to close the income gap.

Unfortunately, Mississippi may be a unique example as trial lawyers spend billions to elect Democrats who promise to block any more tort reform around the country. Talk about give-aways to the wealthy special interests!

Those who would ridicule and stop tort reform should come to Mississippi.

Labels: Economics, Legal issues

posted by Betsy Newmark permalink 7:59 AM 0 comments

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Saturday, May 10, 2008

The benefits of tort reform

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HOME Betsy neither necessarily uses, nor endorses, the products advertised on this site. The truth about Avesil Cheap Hosting Atlanta Bankruptcy Attorney Dallas Bankruptcy Attorney Wikio Get exclusive travel deals and book discount cheap flights Online Bachelors Degree Comments from an AP history and government teacher in Raleigh, NC. e-mail betsynewmark AT gmail.com Commissions earned from selling items through Amazon will go towards buying materials for my classes. Thank you. Site Feed		Saturday, May 10, 2008 The benefits of tort reform Stephen Moore chronicles how quickly Mississippi has started turning around in the wake of the massive tort reform efforts led by Governor Haley Barbour. It has gone from being a haven for every crackpot lawsuit in the country to having one of the fastest growing economies of the 50 states. We were America's No. 1 judicial hell hole for jackpot jury verdicts," the two-term Republican governor told me. "For trial lawyers, this was the state you wanted to come to if you wanted to sue someone." But it was not the state to come to if you wanted to start a business. Mississippi's antibusiness reputation was so awful, Mr. Barbour said, that the CEOs of several Fortune 500 companies told him specifically that they wouldn't consider locating in the state unless the tort system was fixed. For doctors, the situation was a little different – many who were inside the state were getting out as fast as they could. With 25% annual increases in malpractice premiums, many physicians simply couldn't survive if they stayed. The outflux left some counties without a single obstetrician. In some cases, residents had to drive 100 miles to find a doctor. People were losing jobs and not being able to find medical care because of lawsuits. With Barbour's leadership, Mississippi passed a tough tort reform and the results have been relatively quick. Almost overnight, the flow of lawsuits began to dry up and businesses started to trickle in. Federal Express invested $1 billion in a new facility in the state. Toyota chose Mississippi over about a dozen other states for a new $1.2 billion, 2,000-worker auto plant. The auto maker has stipulated that the company would pull up stakes if the tort reforms were overturned by the legislature or activist judges. That hasn't happened. About 60,000 new jobs have arrived in four years – not a small number in a workforce of about 1.3 million – and a sharp improvement from the 30,000 jobs lost in the four years before Mr. Barbour took office. Since the law took effect, the number of medical malpractice lawsuits has fallen by nearly 90%, which in turn has cut malpractice insurance costs by 30% to 45%, depending on the county. Thanks to Mr. Barbour, the state's unemployment rate is down to about 6% from nearly 9%. Last year, Mississippi's per capita income growth was 6.7%, third highest of the 50 states and well above the national average of 5.2%. Mississippi tort reform is making the poor richer, and the rich lawyers less fabulously rich. Now that's a good way to close the income gap. Unfortunately, Mississippi may be a unique example as trial lawyers spend billions to elect Democrats who promise to block any more tort reform around the country. Talk about give-aways to the wealthy special interests! Those who would ridicule and stop tort reform should come to Mississippi. Labels: Economics, Legal issues posted by Betsy Newmark permalink 7:59 AM 0 comments Comments: Stephen Moore chronicles how quickly Mississippi has started turning around in the wake of the massive tort reform efforts led by Governor Haley Barbour. It has gone from being a haven for every crackpot lawsuit in the country to having one of the fastest growing economies of the 50 states. We were America's No. 1 judicial hell hole for jackpot jury verdicts," the two-term Republican governor told me. "For trial lawyers, this was the state you wanted to come to if you wanted to sue someone." But it was not the state to come to if you wanted to start a business. Mississippi's antibusiness reputation was so awful, Mr. Barbour said, that the CEOs of several Fortune 500 companies told him specifically that they wouldn't consider locating in the state unless the tort system was fixed. For doctors, the situation was a little different – many who were inside the state were getting out as fast as they could. With 25% annual increases in malpractice premiums, many physicians simply couldn't survive if they stayed. The outflux left some counties without a single obstetrician. In some cases, residents had to drive 100 miles to find a doctor. People were losing jobs and not being able to find medical care because of lawsuits. With Barbour's leadership, Mississippi passed a tough tort reform and the results have been relatively quick. Almost overnight, the flow of lawsuits began to dry up and businesses started to trickle in. Federal Express invested $1 billion in a new facility in the state. Toyota chose Mississippi over about a dozen other states for a new $1.2 billion, 2,000-worker auto plant. The auto maker has stipulated that the company would pull up stakes if the tort reforms were overturned by the legislature or activist judges. That hasn't happened. About 60,000 new jobs have arrived in four years – not a small number in a workforce of about 1.3 million – and a sharp improvement from the 30,000 jobs lost in the four years before Mr. Barbour took office. Since the law took effect, the number of medical malpractice lawsuits has fallen by nearly 90%, which in turn has cut malpractice insurance costs by 30% to 45%, depending on the county. Thanks to Mr. Barbour, the state's unemployment rate is down to about 6% from nearly 9%. Last year, Mississippi's per capita income growth was 6.7%, third highest of the 50 states and well above the national average of 5.2%. Mississippi tort reform is making the poor richer, and the rich lawyers less fabulously rich. Now that's a good way to close the income gap. Unfortunately, Mississippi may be a unique example as trial lawyers spend billions to elect Democrats who promise to block any more tort reform around the country. Talk about give-aways to the wealthy special interests! Those who would ridicule and stop tort reform should come to Mississippi. Labels: Economics, Legal issues posted by Betsy Newmark permalink 7:59 AM 0 comments Comments: Post a Comment