How will a second great depression affect doctors?

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pancakesyrup

pancakesyrup

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The US economy is unsustainable and on the verge of bankruptcy, national debt is approaching $10 trillion, and if something isn't done soon, then the economy could collapse at a catastrophic magnitude, probably when the boomers retire.

If we get into another depression, how will it affect doctors, who have usually been much less vulnerable to economic trouble?
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There can't be two great depressions, what if this one is greater than the other?
 
And not to mention, Medicare is a big culprit of this.
 
If the financial markets imploded the next best commodity would be military power. Since we (America) have the market cornered on that one we would likely just take whatever resources we needed from some other country in exchange for "protection," or just as spoils of war.
 
Dubaifan490 said:
The US economy is unsustainable and on the verge of bankruptcy, national debt is approaching $10 trillion, and if something isn't done soon, then the economy could collapse at a catastrophic magnitude, probably when the boomers retire.

If we get into another depression, how will it affect doctors, who have usually been much less vulnerable to economic trouble?
Click to expand...

We're not going to have another depression.
 
I don't think it changes anything. Presumably, the second great depression will lead to a nuclear war. And in a post-apocalyptic world, the need for effective skin care and detecting small radiation-induced tumors will be paramount. So you should still go into derm and radiology.
 
Depakote said:
well, I guess I'll have to accept livestock as payment for services rendered in this post-apocalyptic world of yours.
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Livestock? Already have that. They, or someone in their family can clean my chicken coop, weed my gardens, and chop some wood for me. That way some of this more dangerous old wood would get cleared and I'd have free heat for the winter.
 
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chessknt87 said:
Youtube is undoubtedly the best source for accurate unbiased information on any issue.
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So are CNN, Ron Paul, Pat Buchanan, and of course David Walker. They are real people you know.
 
Dubaifan490 said:
The US economy is unsustainable and on the verge of bankruptcy, national debt is approaching $10 trillion, and if something isn't done soon, then the economy could collapse at a catastrophic magnitude, probably when the boomers retire.

If we get into another depression, how will it affect doctors, who have usually been much less vulnerable to economic trouble?
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Overdramatic much?

I see a job in headline news reporting in your future...
 
Dubaifan490 said:
So are CNN, Ron Paul, Pat Buchanan, and of course David Walker. They are real people you know.
Click to expand...

I am a real person too, that doesnt give me any authority to speak about the American economy. I would believe this if it was coming from Greenspan, but I dont see him predicting such doom and gloom.
 
I love the naysayers who have done zero research and are quick to shut down this very real problem just because they are scared of the reality of a depression. Go talk to your grandparents.

http://www.youtube.com/watch?v=OS2fI2p9iVs

This video has some very good points, especially those pertaining to healthcare in the last few minutes. And do not bash it because it is a youtube video. It is a 60 Minutes interview. That is like saying "Oh, you get all of your medical advice from a copy machine!?" if I were to hand you a page copied from the New England Journal of Medicine.
 
chessknt87 said:
I am a real person too, that doesnt give me any authority to speak about the American economy. I would believe this if it was coming from Greenspan, but I dont see him predicting such doom and gloom.
Click to expand...

Have you seen his miscalculations on mortgages?
 
chessknt87 said:
People can make mistakes, his overall economic record is far more impressive than Ron Pauls.....
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Not mistakes of that magnitude. I never mentioned Ron Paul, nor would I.
 
Pretty funny how some people think there will be another great depression...what a joke. China holds the majority of our debt and are tied into it. They're the ones that are really in a jam and the Yuan is stuck where it is. The field of Economics has really expanded since the great depression and something like that will not happen again. If you really believe so, buy some more foil for your hat.

The US's public debt to GDP ratio is around #26 in the world. Japan is #2 behind Zimbabwe. Japan's debt is 2 times their GDP. They're in more of a bind than we are given that their life expectancy is so long and no one is reproducing there to replace the dying. The US's GDP is still growing and we can pay off the debt. It just takes a President that doesn't want to spend much (too bad both candidates want to spend, spend, spend).

The more you know: https://www.cia.gov/library/publications/the-world-factbook/rankorder/2186rank.html
 
Depakote said:
Pft. Plain Roman Numeral sequeling is out...

Great Depression: Requiem
Greater Depression
GD2: The Economicon
Click to expand...


The Economicon... OMG, you're so hot.
 
Dubaifan490 said:
So are ...Pat Buchanan, ... They are real people you know.
Click to expand...

Do a search for Pat Buchanan quotes on the web and you will find some of the stupidest and most racist/antisemitic things ever said in the US political arena. This is someone whose "facts" you ought to ignore. More people do well in the markets betting against stupid people than with them.

That being said, even in times of depression, physicians are still necessary. You will earn less because your patients have less, but the demand doesn't go away. It's luxuries, like the travel industry, marketing industry, automobile industry that go by the wayside. Food and medicine always has to exist. But I sure wouldn't pick a career because it's recession/depression proof, if that's what you are hinting at.
 
I wouldn't worry about this at all guys... But be ready for some pretty large inflation =P

Debt at 9 Trillion? No problem:

Inflation at 8-10% for the next 10 years
8% - Our debt effectively shrinks to 3.9 trillion
10% - Our debt effectively shrinks to 3.1 trillion

As long as we continue to have inflation in our economy, our debt load will effectively decrease, at 3.1-3.9 trillion we'll have a very manageable national debt, one we enjoyed during the Clinton administration. As long as we can balance the budget, we can ride this out no problem.

Guys, don't worry about the debt, this is macro economics, it's not micro economics, you and I have absolutely NO effect on this unless we were to create some huge PAC or something that actually ended up effecting change... Would I have liked to see that money spent on a Mars mission instead of a war? Yup.

Anyway, let's hope people don't panic like all of you are panicking, and instead make good decisions regarding the upcoming inflation that will save our sorry asses.:cool:
 
The coming one will be known as "The Greater Depression" followed in 70 years by "The Greatest Depression."
 
HolyGrail said:
I wouldn't worry about this at all guys... But be ready for some pretty large inflation =P

Debt at 9 Trillion? No problem:

Inflation at 8-10% for the next 10 years
8% - Our debt effectively shrinks to 3.9 trillion
10% - Our debt effectively shrinks to 3.1 trillion

As long as we continue to have inflation in our economy, our debt load will effectively decrease, at 3.1-3.9 trillion we'll have a very manageable national debt, one we enjoyed during the Clinton administration. As long as we can balance the budget, we can ride this out no problem.

Guys, don't worry about the debt, this is macro economics, it's not micro economics, you and I have absolutely NO effect on this unless we were to create some huge PAC or something that actually ended up effecting change... Would I have liked to see that money spent on a Mars mission instead of a war? Yup.

Anyway, let's hope people don't panic like all of you are panicking, and instead make good decisions regarding the upcoming inflation that will save our sorry asses.:cool:
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You can't be serious...further inflation is the worst possible solution. I'll assume this was sarcasm...
 
To actually answer the question:

Physicians would probably be better off then most professions, we just might get paid a lot less. Doctors have skills that are pretty universal-helping sick people. Maybe a small community would give you food and housing as long as you kept everyone healthy. :oops: But hey, at least we would have a job.
 
I'm quite serious, inflation is the best scenario for reducing the debt.

Things that are bad about inflation:
Wages don't keep up with inflation
People on Social Security lose purchasing power
Many others...

Well, inflation sucks for you and I, but as far as our debts go, it's a good thing, and it's going to happen, because you and I don't want to be forced to pay off this debt that we inherited from a fiscally irresponsible administration... It's going to take us some time to get out of it at a reasonable rate(Think 6% inflation instead of the whopping 8-10% I used for shock value), at the usual rate of around 4% it's going to take 20 years to reduce the debt we've accumulated...

Anyway, good things about inflation:

Our dollar is weak, therefore our trade deficit reverses, making American goods cheap, which are then exported at a higher rate than before, imports will be down, strengthening some sectors of the economy, until an equilibrium is reached. Also, China won't be able to devalue its currency and cheat the trade system like it currently does unless it really wants to be a poor nation.

This is some pretty remedial economic theory here... It's not news to those of us who have taken 4+ economics courses, this is where we're headed, it's either that, or we default on our national debt, and never get extended credit by other countries again... Obviously this isn't the way we're headed since the government takeover of Fannie and Freddie have occurred, as well as I believe I saw AIG now. We don't want to default on our loans, that's the worst idea.

Alright now everyone else's informed opinions...
GO!
 
Not even close to a 2nd depression like the great depression. First, the 10 trillion dollars we are in dept is dept to ourselves. 2nd, the spike in oil was predicted 20-25 yrs ago. The big shock is that this is happening sooner than the predicted 2010. SPike in gas = alernative soures, not great depression third, the housig isues in america could have been avoided if people lived within their means. People got in homes that they knew they could not afford and signed on to those sad fariable rate loans. Variable loans means sometimes low and sometimes high. Right now, there is a lot of high and with the increase in gas price, people realize that they can not afford their homes and they are trying to sell. The problem with this is that people don't want to buy expensive homes that they can't afford because they see what is happening to other people and homes are sitting on markets at reduced prices. Moral of the story, don't try to keep up with the Joneses and get live within your standards (future doctors of the world) Just becasue salary.com says you make 500K does not mean you can live like you make 500K. After taxes and insurance, you would be lucky to see half of that. The real concern should be how a universal healthcare system will affect doctors pa per patient ratio. Right now, the US is ranked 37th in healthcare quality right behind the amazing Costa Rica. However, we lead everyone else in healthcare cost. Something has to change....
 
Further inflation will only continue the trend of the tanking dollar. The debt will rise even more when the baby boomers retire and force Medicare and Social Security spending to spike. This is just dangerous. Even worse if there is an Iran war. The reason we are getting away with it is because if other countries stop trusting America, and America gets into a depression, then the rest of the world will also be affected.

And Law2Doc, I realize that Pat Buchanan is a bit racist, but I read a book about why he hates neocons, and I agree with a lot of the stuff, especially when he says that America's empire cannot sustain itself on debt, and the wars need to stop. He's not "stupid" but rather prejudiced and perhaps a white male Christain straight supremacist.

And a big reason why I want to be a doctor is because I want to do something meaningful and beneficial to society, as opposed to shallow careers like investment banking and various forms of business and even law. I assume that is why you switched to medicine.
 
Depakote said:
Pft. Plain Roman Numeral sequeling is out...

Great Depression: Requiem
Greater Depression
GD2: The Economicon
Click to expand...

I was thinking more along the lines of:

Great Depression Reloaded
Great Depression: The Two Towers
 
This is making me laugh. I was a finance/management major and took quiet a few hours of economic classes. Dubaifan490, you are so off it is hilarious...you have no idea other than a few youtube clips and article excerpts what you are talking about. You have minimal understanding of the financial system and the controls in place that will prevent a second "Great Depression". We may see a recession, most liekley we will, but people are making a big deal out of it because we have not seen a true recession in 20+ years and they forget its a normal part of the economy. So, Dubaifan490, go read an econmics text book and a few other academic sources rather than gleaning all your information from youtube and the huffington post. Then quit school and go get a real job for a while in one of your alleged "shallow careers" to see what the real world is like...
 
TejasMed2009 said:
No, you are 100% wrong. You can think your right all you want, but this is completely absurd...
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It is not the right thing to do, but probably the easiest. The right thing to do is to abolish the entitlement programs, stop policing the world, and discipline the American people. How to do the last, I dont know.
 
Maybe we should all start investing in dubai???
 
soeagerun2or said:
If the financial markets imploded the next best commodity would be military power. Since we (America) have the market cornered on that one we would likely just take whatever resources we needed from some other country in exchange for "protection," or just as spoils of war.
Click to expand...


You've spoken with wisdom.

ATM military power is the only thing that may keep US going as numero uno. Expect wars, and then more wars. Expect US intervening in China to foster 'democracy' to curtail the rise of Chinese power. Expect US deployment in Caucasian ministates, and 'stans'. Expect upholding the Monroe doctrine and military coups in Latin America (BTW, did you know that in the past week Russians strategic bombers were flying in the western hemisphere for the first time since the Cold War?'.

Medicine will not be high on government priority list in the next half of the century. Military expenditures and control of strategic resources will be.
 
this isnt a depression, its a "downturn" with "strong economic fundamentals" :laugh:
 
TejasMed2009 said:
No, you are 100% wrong. You can think your right all you want, but this is completely absurd...
Click to expand...

LOL, okay, just me then... And 90% of economists out there...
 
Nilf said:
You've spoken with wisdom.

ATM military power is the only thing that may keep US going as numero uno. Expect wars, and then more wars. Expect US intervening in China to foster 'democracy' to curtail the rise of Chinese power. Expect US deployment in Caucasian ministates, and 'stans'. Expect upholding the Monroe doctrine and military coups in Latin America (BTW, did you know that in the past week Russians strategic bombers were flying in the western hemisphere for the first time since the Cold War?'.

Medicine will not be high on government priority list in the next half of the century. Military expenditures and control of strategic resources will be.
Click to expand...

I doubt it. Historically, declining economies have been correlated with declining military. Look at Rome, the Ottomans, the British, the Soviets. And the US has already stretched itself too thin with the Iraq and Afghan wars. And China and Russia's military are nothing to laugh at, and they will not take America's side should there be an Iran war. America's reputation has tanked in the last 8 years, and there aren't that many serious allies left. Israel, UK, maybe France, and a few other half hearted western countries may be all that America can get. And taking on China would be absolutely foolish, economically, militarily, and diplomatically.
 
Dubaifan490 said:
And Law2Doc, I realize that Pat Buchanan is a bit racist, but I read a book about why he hates neocons, and I agree with a lot of the stuff, especially when he says that America's empire cannot sustain itself on debt, and the wars need to stop. He's not "stupid" but rather prejudiced and perhaps a white male Christain straight supremacist.
Click to expand...

You say tomato...
Dude, you have to read some of what he's said beyond a book (which is highly edited by others) to get a "flavor" for his intellect, or lack thereof. I sure wouldn't align my argument with this guy. If that's where you are getting your "facts" about the state of the economy, I would suggest you open your eyes and actually read some books written by more educated intellectuals who actually work in the economics field. There are many. (In fact almost all economists should fit into the "more educated and intellectual than Pat Buchanan" category, so you shouldn't have to search too hard). happy reading.
 
Nilf said:
You've spoken with wisdom.

ATM military power is the only thing that may keep US going as numero uno. Expect wars, and then more wars. Expect US intervening in China to foster 'democracy' to curtail the rise of Chinese power. Expect US deployment in Caucasian ministates, and 'stans'. Expect upholding the Monroe doctrine and military coups in Latin America (BTW, did you know that in the past week Russians strategic bombers were flying in the western hemisphere for the first time since the Cold War?'.

Medicine will not be high on government priority list in the next half of the century. Military expenditures and control of strategic resources will be.
Click to expand...

I wouldn't say that the US would begin fighting wars to help the economy--- even if it would probably work. Shoot, the only reason we got out of the first GD was because of pearl harbor being bombed and then Germany declaring war --- meaning more gov't spending, more jobs, etc., but I don't think WWIII is about to break out. (Unless war hungry McCain gets office--- diplomacy isin't really that high on his list. )But causing it just to juice up the economy is just stupid, especially when the laws of economy are telling us that economic growth has just slowed down, it hasn't stalled.

We need our unions back. :( Workers need a raise because of the inflation, which would hopefully make them spend more, which would mean that companies have to produce more and we're back on track. Or that's what my broke butt wants.
 
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