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>it's making us in europe jealous. I don't think there is any growth in US that Europeans have to be jealous of. Any "growth" is just more wealth for billionai
by thelastgallon 3y ago
>it's making us in europe jealous.
I don't think there is any growth in US that Europeans have to be jealous of. Any "growth" is just more wealth for billionaires, at a high cost to individuals.
Health spending accounts for nearly one-fifth of the U.S. economy [1]. Between 2000 to 2020 health expenditure tripled from 1.4 trillion to 4 trillion, at a 4.2% annual growth rate. This is projected to accelerate, grow at 5.3% and reach 6.8 trillion by 2030. [3]
It is mostly health-care, which grows faster than the economy. Then higher rents, high cost of food, the numbers go up! Almost all sectors are monopolies/oligopolies with pricing power, they can extract more and more. Of course, the numbers will go up. But I doubt anybody is happier.
Family health insurance through work now costs $24,000 a year (note: this is just insurance, not the total cost!). Job-based health insurance are up 7% from last year: https://www.foxbusiness.com/healthcare/family-health-insurance-work-now-costs-24000-year https://www.foxbusiness.com/healthcare/family-health-insuran...
A lot of new construction is hospitals. I have two new hospitals coming up where I live, in a one mile radius.
[1] https://www.healthsystemtracker.org/chart-collection/u-s-spending-healthcare-changed-time/ https://www.healthsystemtracker.org/chart-collection/u-s-spe...
[2] https://www.oecd.org/health/health-spending-set-to-outpace-gdp-growth-to-2030.htm https://www.oecd.org/health/health-spending-set-to-outpace-g...
[3] https://www.cms.gov/files/document/nhe-projections-forecast-summary.pdf https://www.cms.gov/files/document/nhe-projections-forecast-...
- jeffbee 3y agoGDP is the worst metric ever devised. Even the guy who came up with it said not to look at it. If we ever fix healthcare the GDP is going to plummet, and everything other than GDP is going to be way better.
- vasdae 3y agoIt's not much different in Europe. Here in Spain health spending is so high that you have to pray to the gods to see a GP. Usually you end up having to go to the ER for any kind of problem because there are no appointments available for weeks. Food and rent have skyrocketed these years. The official inflation numbers are a joke, they are like... 5%? When food has gone up in average by at least 50%. Not sure about insurance.
- throwawaydizjsj 3y agoHealth spending is a larger percentage of GDP in the USA (16%) than in Spain (10%) by a good chunk (1.6 times more) [1] My experience in being able to see q Europe seeing a GP is way better than in the USA but I know this varies by where you live (even inside the USA) [1] https://www.statista.com/statistics/268826/health-expenditure-as-gdp-percentage-in-oecd-countries/ https://www.statista.com/statistics/268826/health-expenditur...
- boc 3y agoI'd urge you to consider that your personal lived experience may not match the experience of the other 332,000,000 Americans. Instead of trying to explain away official statistics by talking about things you see on your drive to work, consider updating your priors instead.
- bendhoefs 3y agohttps://www.cnn.com/2023/08/03/politics/cnn-poll-economic-pessimism-joe-biden/index.html https://www.cnn.com/2023/08/03/politics/cnn-poll-economic-pe... Here's what they think. Telling everyone to eat some charts while they're getting squeezed is not going to go over well.
- opportune 3y agoThe growth in the US economy between 2000 and 2020 has resulted in many high-paying software jobs, including my own. Absolute BS that it’s all going to billionaires