While the federal government’s budget is less in the red this year than last, the Congressional Budget Office is still forecasting future gloom due to rising health care costs. In 2008, total health care spending is projected to reach $2.5 trillion, or 17% of the U.S. Gross Domestic Product. “Health care is the nation’s largest—and, in many respects, most important— industry,” says Henry Aaron, former assistant secretary at the Department of Health, Education, and Welfare. Health spending is projected to consume more than 30% of gross domestic product in the next 30 years.
HEALTH CARE THREATENS TO OVERWHELM NATIONAL BUDGET
November 5, 2007
CBO PROJECTS LOWER FEDERAL DEFICIT
by Charles Babington
August 23, 2007