U.S. health spending continues to escalate rapidly despite repeated promises by elected leaders to impose a solution. Those failures, focused mainly on more regulation, have created an opportunity for market advocates to make their case for an alternative strategy. They should seize it.
More discipline in health care should be among the nation’s top domestic priorities. After years of rapid cost escalation, the U.S. spends the most on medical services among advanced economies. In 2021, the OECD estimates that the U.S. devoted 17.8 percent of its GDP to health expenditures, which was nearly 40 percent more than the next highest-spending G-7 country (Germany).
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