It’s very telling that healthcare costs have been soaring at 3-4% above inflation since the 60’s, and no one seems to be talking about the underlying cause.
Its share of GDP has grown from 5.1% in 1960 to 7.0% in 1970, 8.8% in 1980, 12.0% in 1990, 13.3% in 2000 and 15.3% in 2003. It has actually tripled, and is still heading higher (1). That’s perfectly unsustainable.
All the restraints we’ve struggled to put in place have slowed it but failed to change it, and the impact on businesses large and small are visible everywhere. On the public side the Medicaid funding crisis is far larger and sooner than that of Social Security, and more and more individuals are losing their benefits. Major change is about to happen. Continue reading Health Care or Immortality?→
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