Lawsuits Gone Wild: Our Out of Control Legal System and the Need for Tort Reform

In the society we live in, it has become increasingly favorite and much common to sue. Whether we see it in the media, talk slightly it amongst ourselves, or are actu alwaysy last(predicate)y the ones doing the suing, (or being sued) we deal with lawsuits each day. Now, weve all heard the story about the grandmother who spilled overheated c slayee on herself and successfully sued McDonalds for nearly $2.9 million, or the populace who sued Winnebago and won $1.75 million after crashing his motor home off the freeway. But few of us ever question what these and all the other outrageous rewards for senseless lawsuits do to the economy. Have we ever wondered if they have a negative effect? Have we asked ourselves how they disturb us, as consumers? Have we asked how they impact Ameri derriere business? The make out to all those questions is this: Frivolous lawsuits destroy the American economy. Frivolous lawsuits can damage the economy in many ways. They can tear companies out of business, increase the cost of financing and insurance, and cost millions of dollars all(prenominal) year in lost time, court awards, and legal fees. Also, judicial proceeding can increase the cost of products for consumers, up to 2.5% on an sightly (Abraham NP).

David Bernstein, a law professor at George Mason University estimates that ?consumer prices could be reduced by 20% if actions are taken to see the light the lawsuit process (Javers 25). In addition, the time that is taken to prosecute, defend, settle, and sample lawsuits, along with the costs of paying damages, can place a huge tab on the economy, with an estimated $132 billion lost in 1991 alone (Abraham NP). On top of all that, the threat of lawsuits often shits financial markets to overreact, and credit-rating agencies become likely to downgrade firms facing the threat of litigation. This in turn increases the cost of financing. Aside from spending and losing more money, immense awards for often ridiculous lawsuits can force businesses into bankruptcy, and cause large and small companies alike to... If you want to get a full essay, order it on our website: Orderessay

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