The real cause of the federal deficit
This morning’s “must read” is this post by economist Dean Baker.
The final paragraph, in particular, is worth ruminating on:
“In reality, both left and right can agree that the broken U.S. health care system is the problem. The United States already pays more than twice as much per person as the average in other wealthy countries. If our per person health care costs were the same as those in Canada, Germany or any other wealthy country, we would be looking at huge budget surpluses, not deficits.”
In other words, while the President has certainly made some errors during the last three years — not pushing for a large enough stimulus right from the beginning comes to mind — he was clearly right in his initial assessment that the U.S. has to make health care reform a (if not the) top priority. Would that he could have promoted a Canadian or German-style system.