Health Care 16.3% of GDP and Climbing
The amount of money Americans spent on health care in 2007 is somewhat staggering - a whopping 16.3% of the national gross domestic product (GDP). GDP is the sum total of the value of all goods and services from all industries within the United States.
This rate of spending for health care is expected to almost double, however, by 2017, when spending is projected to total almost $4.3 trillion, or roughly 20% of the GDP projections for that year.
These figures come from a recent report issued by the Centers for Medicare and Medicaid Services, where the sharp rise in health care costs is attributed in part to the Baby Boom generation, people born in the years 1946 through 1964. The first Baby Boomers will reach age 65 in 2011, making them eligible for Medicare coverage.
Describing quality health care as “one of the most critical issues” facing both the American public and the federal government, Kerry Weems stresses the importance of quality care in addition to the number of people served and services offered. Weems is the acting administrator for the agency.
According to the report, spending for health care provided by private insurers is expected to drop while spending for publicly funded health care, such as Medicare, is expected to accelerate over at least the next decade.
- Are you concerned about the rising costs of healthcare?
- In your opinion, what should be done to lower the cost of healthcare in the U.S.?
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McCain has said we could be in Iraq for the next 100 years. Even if we are not in a full-out war with Iraq but a “continued presence” as McCain has suggested, where does the money come from to continue our nation building? The answer: deficit spending. This deficit spending weakens the dollar makes health care costs go up even faster (i.e. inflation) Here is the amount of money we spend in military spending:
$481.4 billion - DOD requested for salaries, operations (except in Iraq and Afghanistan), and equipment.
$141.7 billion - “supplemental” budget to fight the “global war on terrorism”
$93.4 billion - DOD war costs in the remainder of 2007
$50 billion - additional “allowance” to be charged to fiscal year 2009
Subtotal: $766.5 billion.
$23.4 billion - DOE developing and maintaining nuclear warheads
$25.3 billion - State Dept foreign military assistance
$1.0 billion - recruitment and reenlistment incentives for U.S. military
$1.9 billion - Department of Justice for the paramilitary activities of the FBI
$38.5 billion - Department of the Treasury for the Military Retirement Fund
$7.6 billion - for the military-related activities of NASA
$200.0 billion - interest for past debt-financed defense outlays
Grand Total: $1.064 trillion
There is a crucial link between needless military spending and healthcare costs that are spiraling out of control. We could easily afford to provide universal health care if we cut even just a fraction out of our reckless military spending.
Good number hunting. Piss poor logic. Defense spending is a legitimate cost of government. Providing free health care for those unwilling to pay for their own is not. I’ve got a plan. Before being able to buy hubcaps, boomboxes, gold teeth, liquor, concert tickets, Ipod, cell phones, etc. (you get the idea), proof of health insurance must be shown. We became a great country because individuals worked hard for the benefits of good choices. Take away incentives and it all goes away. Spend more on defense and nothing to bailout the ignorant.
[...] yet to focus its storied reformer talents on tackling this much more pressing concern that today accounts for 16 percent of the nation’s gross domestic product. addthis_pub = ‘coloradoindependent’; Print Subscribe to [...]