We Americans, all who have ever had a significant health issue – which is to say, everyone over the age of 45 and some percentage of those younger, know that American health care is ridiculously expensive.
Just how bad is it?
World Bank data shows America spends 17.14% of GDP on health care. That’s nearly 1 in every 6 dollars of value created anywhere, doing anything in the entire United States.
That’s a lot of money. But it doesn’t necessarily mean there’s a problem since other nations also spend a lot of money on health care.
However, the amount spend per capita is what matters.
World per capita spend on health care is under 10%. EU spend on health care is a bit over 10%. The US also has the largest per capita GDP of almost any nation, and certainly any large nation.
What does this mean? It means that something like 1.3 trillion to 1.5 trillion dollars is being spent in the US *more* than any other nation.
To put this in perspective: Total income tax collection by the US federal government is about 1.8 trillion dollars.
You want to Make America Great Again?
Take back that 1.3 trillion to 1.5 trillion spent uselessly per year.
Yes, a lot of medical billing jobs will be lost. But a whole lot more Americans will benefit.