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The Huge Cost of Health Care: Is America's Viability as a Superpower Imperiled?

The Costs of Health Care
Victor Basiuk
Huber Warner

Washington has been struggling with the issues of the deficit and the national debt for some time. In the short term, these issues can be addressed by conventional although not necessarily palatable means such as raising taxes, increasing the age for receiving Medicare and Social Security benefits, and implementing legal measures to reduce the pay for physicians. In the long term, however, there is no apparent solution. The reason for this is that the single most important factor in increasing deficits and calling for borrowing is the rising cost of health care, which affects the Federal government because of Medicare and Medicaid. The cost of health care is rising because of the aging population and the continual improvements in medicine that are increasingly expensive. The cost for the federal government will run into trillions of dollars per year, which it may not be able to afford. There is, however, a solution in sight, which at present is well outside of the realm of conventional wisdom. And yet, as we look at recent history, many schemes that once seemed mere utopian dreams are now accepted as parts of the policy fabric. This potential solution, which may be the single most important means to cut the cost of health care