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May 29, 2009

First, Let's Pay All the Lawyers

A Stimulus You Can Believe In
05/29/09 - Overlawyered by Ted Frank

Opportunistic lawsuits are expensive for us all.

[edited] As I recently testified to Congress, I have formed a conservative estimate from these economic studies. Excessive litigation costs the economy $600 to $900 billion a year. The vast majority of this is simply wealth destruction. That is 4% to 6% of GNP, a tort (litigation for injury) tax of $8,000 to $12,000 a year for an average family of four.

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