26 Feb Health spending takes rising share of U.S. economy
WASHINGTON – Health spending will hit $2.5 trillion this year, devouring 17.6 percent of the economy, as the White House and Congress consider major changes to the healthcare system, U.S. government economists said on Tuesday.
The Centers for Medicare and Medicaid Services, known as CMS, forecast that the share of the economy devoted to health spending will jump a full percentage point from 2008. That would mark the biggest one-year increase recorded since the government began tracking the data in 1960.
Thanks to the recession, public health spending in programs such as the Medicaid program for the poor is ballooning, while private health insurance spending is slowing as more people lose employer-provided coverage, CMS reported.
Read full article>>