Word: chronicic
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...Washington cannot solve alone. So what are the forces that will shape our uncertain world? Here are some that were on view in Davos. THE END OF CHEAP ENERGY At Davos, oil-company executives were quick to point out that the doubling of oil prices has not led to chronic shortages. Industries, families, whole economies (like that of Japan) have learned to be far less profligate in their use of energy since the price shocks of the 1970s. Fair point. Yet it is foolish to imagine that the end of the era of cheap oil will not have profound impacts...
...contain health-care costs? The thinking behind HSAs is that people will be prudent with the money because it's their own, not some insurance company's. Maybe, but that won't solve a big problem: at least 75% of U.S. health-care dollars go to treat those with chronic ailments. Getting the majority to spend their first few thousand dollars wisely won't help the ailing minority cut their astronomical costs...
...ahead of India. But the momentum is with the underdog: China dropped three places this year, while India moved up five, largely because of India's greater technological prowess. Both are marked down for corruption - a frequent refrain at Davos sessions this year - and a chronic lack of infrastructure. INDIA, says Michael E. Porter, a Harvard Business School professor and expert on competitiveness. China is exporting massively, but "it's still adding relatively little value," he says. Moreover, China's companies tend not to be very profitable, and there is a dearth of Chinese brands. By contrast, "India is further...
...month ago, Tracy Patterson was simply a woman with more than her fair share of sickness. With multiple birth defects, chronic pain, asthma and bipolar disorder, Patterson, 35, struggled to get by on $832 a month in disability assistance. But at least one thing in her life was taken care of. California's Medicaid program paid for more than a dozen medications every month. "I always got my meds on time," she says. That changed on Jan. 1, when Medicare's prescription-drug benefit went into effect. Patterson was one of 6.2 million people automatically shifted into the program from...
...edge. She spent a week without medication, trying to figure out the new plan, called Medicare Part D, and then learned that under the terms of her policy, she would have to pay $308.68 for a month's supply of morphine, which she takes for her chronic pain. "I flipped out," she says. "First I was shocked, then I started crying. Now I'm just numb. I'm bipolar. I'm kind of getting depressed." Patterson sobs at the idea of borrowing money she can't pay back. "Whoever voted this into policy was a bunch of jerks, and they...