Sina Finance News columnist Charles Hugh Smith said in a commentary on DailyFinance on March 19 that the new medical reform may not significantly reduce the cost of health care in the United States. The Congressional Budget Office predicts the proportion of US medical expenditure to GDP by 2035. It will double, which will seriously damage the competitiveness of American companies.
The following is a review of the review article:
It is no secret that the cost of medical care in the United States is higher than in many countries. In 2009, the United States spent 17.6% of its medical expenditure on GDP, which is more than twice that of Japan, the United Kingdom, Spain, Italy, and Australia. However, medical care is far more than just a health issue. It is also an economic issue. The surge in medical costs, including public and private spending, will undermine the competitiveness of the United States as a producer of global products and services.
General Motors (GM) is a ready-made example if evidence is needed. The US Foreign Relations Committee (CFR) recently mentioned in a report titled "Medical Costs and American Competitiveness" that in the pricing of each GM car, medical costs account for $1,500-2,000. Even back in 2005, the cost of medical care in the pricing of a GM car is higher than the cost of steel.
The problem has become more serious when all attempts to control the out-of-control of medical costs have failed. Since 1999, employer medical contributions have soared by 119%, while employee contributions have surged by 117%. In terms of the proportion of GDP, the total expenditure in the United States has doubled in the past 30 years. According to the Congressional Budget Office, from 2009 to 2035, the proportion of US medical expenditure to GDP will double, reaching an astonishing 31%.
What is the current medical cost that has made us overwhelmed and doubled again? It is clear that the cost of health care in the United States is on a financially unsustainable track. It is also clear that the competitiveness of the US economy is at stake. If reforms cannot be made and the costs of US employers and employees are reduced, the competitiveness of the United States will continue to deteriorate.
National health reforms that are under intense discussion in Congress seem to make it difficult for us to see hope. Because Congress’s discussion of the national health plan focuses on reforming the US employer-based health care system, adding a so-called “public choice,†which is the government-provided health care service. However, if our overall medical costs cannot be quickly reduced, this discussion is like the one that was raised on the Titanic.
Although proponents of the new healthcare reform program claim that it will ultimately lead to cost savings, analysts have questioned such predictions. Some critics believe that this highly complex plan "deliberately ignores cost issues and overstates the way payments are made." Although the new plan claims to reduce the $1.5 trillion federal deficit by $118 billion, the end result may have to borrow tens of billions of dollars, critics say.
On the issue of medical costs dragging down international competitiveness, some economists believe that the impact is not serious. However, a study published in the Health Service Research Journal in June 2009 found that manufacturing, education, and finance are the industries in which employers pay the highest proportion of health insurance, compared to those in which employers pay the lowest level of health insurance. - The slowest growth rate during 2005 was because the latter was on the same starting line as Canadian competitors.
Moreover, our spending on medical care has not made Americans healthier than the rest of the world. Although medical expenses in the United Kingdom, Canada, France, Germany, and Japan are less than two-thirds of those in the United States, the health of American workers is 10% lower than these countries. Medical expenditures in Brazil, China, and India are only 15% of the US, but the health of workers in the United States is still less than 5% of these three countries.
High medical costs also indirectly affect the economy. American workers say they are increasingly making career choices based on the company's health care benefits. This tendency of job seekers can also undermine the competitiveness of the United States, because people will avoid innovative start-ups that have historically been the engine of US economic growth.
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