Healthcare has been significantly affected by the current epidemic.
Many healthcare systems have done one or more of the following:
-Stopped 401 K contributions.
- Stopped pension contributions.
- Reduced worker hours.
-Enacted hiring freezes.
I have been in healthcare for more than 25 years and this is the biggest salary decline that I have seen personally. However I believe that long term healthcare offers some of the best job stability. Most of the financial hardship is from voluntarily decreasing elective healthcare to decrease the spread of the virus.
Somebody upstream has pointed out that we spend a lot on healthcare which is true. But as a country gets richer there is only so much one can spend on food. According to USDA’s Economic Research Service, in 2018 Americans spent an average of 9.7% of their total disposable income on food at home and food away from home.
https://www.fb.org/market-intel/u.s.-fo ... and-abroad
US spends 17.7% GDP on healthcare.
Poorer countries spend much less on healthcare. Nigeria spends 3.8% of its GDP on healthcare. https://www.statista.com/statistics/112 ... %20percent
56% of Nigerian household income is spent on food.
Though commonly lamented on this board healthcare and education are likely to consume sizable portions of household expenditures in US in the foreseeable future. I have not heard of anybody dropping out of prestigious colleges because teaching is mostly online for the next semester.