Spending on health care represents the fastest growing area of the American economy and our federal budget. Our nation currently spends $2.5 trillion a year on health care – 17.6% of our GDP – and spending on Medicare and Medicaid has grown to $422 billion and $255 billion, respectively. Without any change, government projections estimate that by 2018, healthcare spending will rise to $4.4 trillion – more than one-fifth of the economy – and the government share of that cost will be more than 50 percent. America faces many serious challenges, but the rising cost of health care represents one of the greatest threats to our economic growth and long-term fiscal stability.
Click here to read more about how the Democratic budget addresses health care reform.