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Heritage Foundation on Government Reform

 


Tort liability costs almost $1,000 for every US citizen

According to the Heritage Foundation, "Over the past 50 years, tort liability has increased more than a hundredfold, while the GDP has increased by a factor of only 37." "The total estimated cost for 2007 was $252 billion--almost $1,000 for every person in the country." But that is not the only cost. "Tort risks are the 2nd most important factor when a company decides where to relocate or expand operations or build a new plant or introduce a new product." That means: for almost every item that you and your family buy, "built into every price is a component to pay for liability insurance and lawsuit defense." That costs each American approximately $2,000 per year in hidden fees.

But there is yet another cost: that of stifled innovation, due to fear of punitive class-action lawsuits.

Source: Tea Party Patriots, by M.Meckler & J.B.Martin, p.163 , Feb 14, 2012

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Page last updated: Mar 15, 2014