America’s Health Care Costs Are Crushing the Economy
America’s Health Care Costs Are Crushing the Economy by Jocelynn Smith – Banyan Hill
I hate going to the doctor. Of course, I can’t think of anyone off the top of my head who actually enjoys visiting the doctor.
And it’s not the wasted time sitting in the waiting room before being ushered back to a freezing-cold private exam room for more wasted time waiting on the nurse and then the doctor.
It’s the mounting cost.
There are the health insurance premiums, the copays and the deductibles. Each year, all those costs go up and far faster than any potential increases that I’m seeing in my paycheck. Health care in America is eating up larger chunks of my income, forcing me to more often skip those doctor visits or cut spending elsewhere in my life.
I’m not the only American making these tough choices about where my money is being spent. Health care is taking a bigger bite out of the wealth of America, putting our entire economy in danger…
The Taxing Burden of America’s Health Care
Last week, my article took a closer look at the debt burden that Americans are struggling under that will soon have a significant impact on their spending habits despite the fact that we have a Federal Reserve crowing about how we’ve approximately reached full employment and that wage growth is sitting at 2.7% on an annualized basis.
We are seeing more and more Americans reporting that it is difficult to pay their monthly premiums, copays and deductibles.
The Kaiser Family Foundation (KFF) revealed that insurance premiums soared 213% since 1999 for family coverage purchased through an employer, while wages grew by only 60% and inflation is up 44%.
In fact, health care spending now accounts for more than 17% of the U.S. economy compared to less than 9% in 1980.