Consider how the health care industry’s share of the nation’s Gross Domestic Pro

Question

Consider how the health care industry’s share of the nation’s Gross Domestic Product (GDP) affects the overall economy.
Is too much money being spent for health care? Can America continue to spend this amount (or more) without sacrificing other areas of the economy? Why is it that we spend so much more than any other nation on earth?
Consider how the health care industry’s share of the nation’s Gross Domestic Product (GDP) affects the overall economy.
Is too much money being spent for health care? Can America continue to spend this amount (or more) without sacrificing other areas of the economy? Why is it that we spend so much more than any other nation on earth?
Consider how the health care industry’s share of the nation’s Gross Domestic Product (GDP) affects the overall economy.
Is too much money being spent for health care? Can America continue to spend this amount (or more) without sacrificing other areas of the economy? Why is it that we spend so much more than any other nation on earth?

Explanation / Answer

the United States spends more on health care than any other nation, which include spending on Medicare, Medicaid, the Children’s Health Insurance Program , and subsidies offered through health insurance exchanges. It is projected to rise further till 2025 at an average rate of 5.6 percent which represents 19.9 percent of the total economy. The main factors for this rise in spending may include faster growth in medical prices, population aging and increase in economic growth. There is also a movement towards high priced products and an increase in prescriptions per person. This continued rapid growth in spending may harm the U.S. economy. This may lead to inflation, governments would collect taxes from businesses and households to finance public health insurance programs, govenremnt may reduce eligibility for public health insurance, consequently increasing uninsurance rates among households.governemnt may reduce investment in other critical sectors for the sake of healthcare sector suppressing economic growth and affecting both businesses and households. High health care costs could reduce access to health care, bankrupt consumers and deplete retirement savings

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.