Wednesday, December 12, 2007
Forget the Iraq War and Social Security, the Wall Street Journal's Peter Orszag notes that the true budget buster is our health care system. He writes:
The nation's economic outlook may look troubling in the short run, but these difficulties pale beside the economic consequences that will follow if we don't address the nation's long-term fiscal gap -- or the prospective mismatch between projected spending and revenues.
The fiscal gap does not arise, as many believe, primarily from the coming retirement of the baby boomers. Rather, the rate at which health-care costs grow will be the primary determinant of the nation's long-term budget picture.
The entire article is rather alarming - unfortunately I cannot link to the full article because you need to subscribe to the Wall Street Journal. These is a free preview period.