Mar 19, 2013
[This post is based on Chapter 5 of the Council of Economic Advisers new Economic Report of the President.]
The
fact shown in the first chart below—a decline in the rate of health
spending per person—is becoming pretty widely known. What’s not known
is whether this trend will stick. As I suggest below, based on the new
ERP chapter, I think at least some of it will, and if it does, it
signals one of the more important economic developments of our time,
with far reaching implications for fiscal policy (and for jobs and
growth too, but I’ll speak to that in a different post).
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