Posted by Jonathan Adler:
Cowen on Medicare Spending:
http://volokh.com/archives/archive_2009_06_14-2009_06_20.shtml#1244990946
Economist Tyler Cowen of [1]Marginal Revolution has a[2] good piece in
today's NYT on medicare spending. It begins:
Medicare expenditures threaten to crush the federal budget, yet the
Obama administration is proposing that we start by spending more
now so we can spend less later.
This runs the risk of becoming the new voodoo economics. If we
can�t realize significant savings in health care costs now, don�t
expect savings in the future, either.
It�s not the profits of the drug companies or the overhead of the
insurance companies that make American health care so expensive,
but the financial incentives for doctors and medical institutions
to recommend more procedures, whether or not they are effective. So
far, the American people have been unwilling to say no.
Read the whole thing.
References
1. http://www.marginalrevolution.com/
2. http://www.nytimes.com/2009/06/14/business/economy/14view.html
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