Christina Romer: Healthcare Reform an Economic Necessity

Christina Romer wrote an op-ed today for Yahoo:

Washington, DC – Health care reform is more than a social imperative – it is an economic necessity. A new study by the President's Council of Economic Advisers demonstrates that the current American health care system is on an unsustainable path. Without health care reform, American workers and families will continue to experience eroding health care benefits and stagnating wages caused by the pressure of escalating health insurance premiums. And without reform, rising spending on Medicare and Medicaid will lead to massive and unsustainable Federal budget deficits.

Years of diagnosis on the ills of the U.S. health system have produced no cure. Health care expenditures in this country are currently 18 percent of GDP and, without change, will keep rising, until they account for nearly one-third of our total output by 2040. Even with this exorbitant bill, about 46 million Americans lack health insurance coverage today, and this number is predicted to rise to 72 million over the next three decades. Read the rest