The increasing spending on health is said to have a positive effect as it results in an increase on employment and income for workers in the health care and its related sectors. There is a concern regarding rapidly rising health care spending because it is considered to lower the rate of growth of gross domestic product (GDP) and overall employment, while raising inflation or the rate at which the prices of goods and services are consistently rising. More of the resources are being devoted to health care than to other goods which will impact the public and private sectors of the economy. (Monaco & Phelps, 1995) An increase in health care spending affects all sectors of the economy such as governments, businesses, and households as the effects of health care costs on one sector are likely to affect outcomes in other sectors. …show more content…
The public sector which is the government will be faced with costs rising more rapidly than revenues or the money collected through our taxes which is also for public use. This makes all discretionary
The U.S. spending on health care is an outlier compared to other industrialized countries. On an individual basis heath care in the U.S is approximately double what other industrialized countries spend. On a total spend basis, the $3 trillion currently consumed in this sector represents the world’s fifth-largest economy. This high spending on healthcare is unsustainable in the long term. Businesses, individual consumers, and the government are consequently not insulated from the shrinking economic growth due to the ramifications of the high healthcare costs. In a global competitive market the U.S. business will lag behind other industrialized countries unless these high healthcare costs are curtailed. In addition, individuals, even those with insurance face the grim prospect of bankruptcy due to the high cost of care.
However, our system is based on money. The more money you have to spend, the better medical services you will receive. ?According to the Bureau of Labor education at the university of main (2003), America spends more money oh health care than any other nation, "$4,178 per capita on health care in 1998?, compared to the average of $1,783. (BLE., 2003, p.23). Still an estimated "42.5 million Americans are living without health insurance", which prevents them from receiving medical treatment. (Climan, Scharff, 2003, p.33). The numbers of un-insured Americans continue to rise. Tim Middleton (2002) states, ?insurance premiums grow at a rate greater than wages,? when you have a low-income job. (¶ 9). With our current economy recession, taxes are rising and small business employers are unable to purchase health plans for their employees. Employees are realizing that they are unable to gain insurance from their jobs and beginning to speak out about the high price of health care.
In the business of drug production over the years, there have been astronomical gains in the technology of pharmaceutical drugs. More and more drugs are being made for diseases and viruses each day, and there are many more drugs still undergoing research and testing. These "miracle" drugs are expensive, however, and many Americans cannot afford these prices.
Such rising health care costs penalize the citizens within our nation in multiple aspects. The first set of individuals that are affected are families and seniors because it affects the amount of money that goes into their pockets, which results in a difficult time balancing food, rent, and the basic necessities for living. Next, small businesses and fortune 500 employers are affected because such increased costs cause rising health care costs to become more expensive to add new employees to their payroll and more difficult to cover retiree fees when that time comes. Finally, the federal, state, and local governments are forced to increase Medicare and Medicaid costs, which results in cutting other priority funding such as public safety and education.
America is facing a healthcare crisis! In town hall meetings across America, brawls have broken out during speeches given in an attempt to promote government run healthcare. When looking at the big picture, healthcare is only a small portion of the current problems, but a very big one, in the eyes of Americans, considering how it affects every citizen. The healthcare system in the United States is experiencing hard times, but does that mean, we, as Americans, should just step aside and let government take over? Absolutely not! Government will claim that the numbers of uninsured Americans are high because of the prices insurance companies charge, but are these numbers correct and who makes up these numbers? What will a government run healthcare service provide as far as doctors and treatments are concerned? Where do we think the money to run government healthcare will come from? Americans can help turn the economy around by eliminating this healthcare crisis from the list of many. Americans should stop government from passing such a bill for government run healthcare, and let government know exactly what we need and how we need it done.
Every year a citizen that is employed or non-employed suffers from not having proper healthcare coverage. In most developed nations they have universal coverage that covers their citizens and their families. Apparently here in the U.S, healthcare is a controversial problem for our economy and even a bigger problem funding these benefits for our citizens. Now the main question that citizens are asking is "If most developed nations have universal coverage, why doesn't the wealthiest nation which is the U.S have it?" (Ponnuru)This is an issue that no one but the government can let us know what's really going on at the moment, but results are always popping up as misguided quest or funds being lost. Healthcare needs to step up their game because time is really being wasted.
EFFECTS OF MEDICAL RESEARCH ON HEALTH CARE AND THE ECONOMY, By: Herbert Pardes, Kenneth G. Manton, Eric S. Lander, H. Dennis Tolley, Arthur D. Ullian, Hans Palmer, 01-01-99, Academic Search Premier
An issue that is widely discussed and debated concerning the United States’ economy is our health care system. The health care system in the United States is not public, meaning that the states does not offer free or affordable health care service. In Canada, France and Great Britain, for example, the government funds health care through taxes. The United States, on the other hand, opted for another direction and passed the burden of health care spending on individual consumers as well as employers and insurers. In July 2006, the issue was transparency: should the American people know the price of the health care service they use and the results doctors and hospitals achieve? The Wall Street Journal article revealed that “U.S. hospitals, most of them nonprofit, charged un-insured patients prices that vastly exceeded those they charged their insured patients. Driving their un-insured patients into bankruptcy." (p. B1) The most expensive health care system in the world is that of America. I will talk about the health insurance in U.S., the health care in other countries, Jeremy Bentham and John Stuart Mill, and my solution to this problem.
Rising medical costs are a worldwide problem, but nowhere are they higher than in the U.S. Although Americans with good health insurance coverage may get the best medical treatment in the world, the health of the average American, as measured by life expectancy and infant mortality, is below the average of other major industrial countries. Inefficiency, fraud and the expense of malpractice suits are often blamed for high U.S. costs, but the major reason is overinvestment in technology and personnel.
Healthcare has now become one of the top social as well as economic problems facing America today. The rising cost of medical and health insurance impacts the livelihood of all Americans in one way or another. The inability to pay for medical care is no longer a problem just affecting the uninsured but now is becoming an increased problem for those who have insurance as well. Health care can now been seen as a current concern. One issue that we face today is the actual amount of healthcare that is affordable. Each year millions of people go without any source of reliable coverage.
What Seems To Be The Problem? A discussion of the current problems in the U.S. healthcare system.
High cost of healthcare is a significant topic in the United State today impacting everybody involved, from a national level to every person in society. The question in this paper is; “how the role of an advanced nurse practitioner (APN) in an urgent care setting helps to reduce that healthcare cost through billing and access to lower costing health care?” For the most part this question is supported with the literature provided. The summary of literature provided consists of the high cost of healthcare, nurse practitioners in an urgent care setting, billing and cost reduction. The growing trend in the United States is the reduction of physicians providing primary care thus creating a void in access to care; in turn there is an increase
Additional positive externalities include health affects wealth, technology, and vaccinations. “Healthy workers are absent from work less and are more productive workers. A health care market that effectively
The effect of economic growth on health is well known. The level of health expenditures depends on income or available resources in both private and public sectors. Higher income implies that there is more money available to be spent on health. Research in the field of health economics indicates that variations in health care expenditure per capita could be mostly explained by variations in GDP per capita (Gerdtham & Jonsson, 2000).
The cost of US health care has been steadily increasing for many years causing many Americans to face difficult choices between health care and other priorities in their lives. Health economists are bringing to light the tradeoffs which must be considered in every healthcare decision (Getzen, 2013, p. 427). Therefore, efforts must be made to incite change which constrains the cost of health care without creating adverse health consequences. As the medical field becomes more business oriented, there will be more of a shift in focus toward the costs and benefits, which will make medicine more like the rest of the economy (Getzen, 2013, p. 439).