Word: trillions
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...While Washington tries to figure out how to slash $2 trillion from the national millstone of health-care costs, Administration officials say almost a third of those savings could be achieved by targeting Miami and other warped medical markets like it. Miami's inordinate health-care outlay - 20% more than the national average - "is not a pretty picture," says Kate Fitch, a principal and health-care consultant for the Seattle-based Milliman Inc. consulting firm and a co-author of its Index. That's especially true since Miami-Dade County also has one of the country's lowest median incomes...
...past year, as the world economy has plunged into recession, governments have pledged to spend as much as $5 trillion of taxpayers' money to ward off a prolonged slump. For the most part, these massive programs are based on little more than theory: nobody advocating them has experienced a downturn as dramatic as this one. But Dagmar Szabados has seen such spending before - she knows what it's like to be on the receiving end of a gigantic fiscal infusion. Szabados, a chemist by training, is the mayor of Halle, a mid-sized town in the middle of what used...
...growing momentum toward bringing down health spending also explains why, despite a notable lack of specifics or any means of enforcement, the White House was so eager to embrace the voluntary pledge of health-industry leaders to curb its costs by $2 trillion over the next 10 years. "This is a historic day, a watershed event in the long and elusive quest for health-care reform," President Obama declared. On Tuesday, Obama followed up that photo op by meeting with business executives who have been at the forefront of holding down the costs of their employees' medical coverage...
...actually bring medical spending under control? Health-care experts say it is possible to cut it significantly without reducing quality. Indeed, they say more efficient medicine would be better medicine. By some estimates, as much as $700 billion of the $2.3 trillion that we spend on medical care each year is on unnecessary treatment that is not doing anything to make us healthier - and could even be hurting us. Obama Administration budget director Peter Orszag notes that all sides now are starting to agree that four big changes are needed...
...rise in the rate of unemployment would have to be reversed almost immediately, and the sales in the private sector would have to make an unprecedented rebound if the Administration is to have any chance of holding the line at a $1.8 trillion. Neither of those things is going to happen. (See pictures of the global financial crisis...