Backgrounder – Healthcare Costs and U.S. Competitiveness, Lee Hudson Teslik, Associate Editor, Toni Johnson, Staff Writer, December 30, 2008
“Factoring in costs borne by government, the private sector, and individuals, the United States spends over $1.9 trillion annually on healthcare expenses, more than any other industrialized country. Researchers at Johns Hopkins Medical School estimate the United States spends 44 percent more per capita than Switzerland, the country with the second highest expenditures, and 134 percent more than the median for member states of the Organization for Economic Cooperation and Development (OECD). These costs prompt fears that an increasing number of U.S. businesses will outsource jobs overseas or offshore business operations completely. The concern comes as the incoming Barack Obama administration says it plans to provide funding to healthcare as part of the fiscal stimulus to address the ongoing economic crisis, which is making it even more difficult for the public and businesses to manage healthcare costs. Yet despite the economic downturn, experts see a consensus emerging that healthcare reform will move forward.”
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