14 DAY TRIAL // Economists in the United States are currently trying to get people's and authorities' attention on one of the most crippling phenomena in the country, namely what they've termed “job lock.” The concept refers to employees who remain trapped in their jobs, most of which are unsatisfactory, simply because they cannot afford to pay their healthcare costs on their own. And, in the world's largest economy, this course of action may very well be considered devastating, and with far-reaching implications. Additionally, some argue that this is unconceivable in the country that supposedly has the most expensive healthcare system in the world, but where 43 million people are uninsured.
One of the major disadvantages of job lock is that it significantly hinders the mobility of the workforce, preventing the exchange of personnel among some of the most important corporations in the world. It also prevents innovation, as people stop enjoying their jobs, and only work their alloted norm each day, without putting in any extra effort.
A lot of individuals who would have otherwise started their own enterprises, the foundation on which the US economy was built, now work in mediocre corporate positions, but which ensure that they have at least some form of basic coverage, Reuters reports. According to statistics, between 20 and 50 percent of workers in the country are kept in their current position on account of this widespread phenomenon.
The major problem in the nation's healthcare system is that it's private, for starters, and also that it's directly tied to the workplace. That is to say, if someone wants to leave their current position, then they should expect massive increases in healthcare costs. The only other option would be to seek employment elsewhere, but that could turn out “ugly” as well. The new job may have even fewer benefits than the last. Additionally, those with preexisting conditions may not receive coverage altogether.
Basically, this means that if you're sick, you cannot get coverage to receive treatment, and so your condition deteriorates. In the end, without money to pay soaring bills, your very life is threatened. And the system is set up in such a manner that corporations running the health insurance companies get as much money out of you as possible. Even Medicare, which is run by the federal government, only covers citizens over 65 years of age, which means that employees who want to retire early cannot do it unless they are executives and have fat bank accounts.
“There are lots of factors that go into why somebody starts a business or doesn't start a business: Do I have a good idea, do I have capital, do I have risk tolerance? Being able to get health insurance should not be one of those determinant factors,” Todd Stottlemeyer, the head of the National Federation of Independent Businesses, said.