Socialism (7%) plus capitalism (9%) = 16%
A new report by the Organization for Economic Cooperation and Development (OECD) seeks to sound the alarm over rising health care spending and its implication for economies worldwide. It contains a lot of the usual projections and worries –e.g., that health care costs will be a bigger problem for government budgets than pensions.
There was an interesting tidbit that the Wall Street Journal noted in its coverage: that even though the majority of US health care expenditures are made by the private sector (9% of GDP), government still spends 7.2% of GDP on health care. That’s more than the OECD average of 6.7% spending by governments, and the disparity is even greater in dollar terms.
See Projecting OECD Health and Long-Term Care Expenditures: What Are the Main Main Drivers? for the full report.March 6, 2006