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In this quote, scientist Leroy Hood is pointing out that the majority of personal bankruptcies in the United States are caused by high medical costs and expenses. The best interpretation is that Hood is drawing attention to the significant financial burden that medical bills place on many Americans.
His statement suggests that the current healthcare system does not adequately protect people from the risks of steep medical costs leading to bankruptcy. The overall message seems to be that reform is needed to reduce the rate at which medical expenses are undermining individuals’ and families’ financial security in the United States.