According to the New York Times' David Brooks, "His [Obama's] theory was he could spend now and save later. He could fund his agenda with debt now and then solve the long-term fiscal crisis by controlling health care and entitlement costs later on." Brooks thinks its suicide. (Full Story: Fiscal Suicide Ahead )
When it comes to the nexus between US healthcare costs and their
impact on the broader economy one name comes to mind:
Peter Orszag.
In 2009, Obama apparently agreed and appointed Peter Orszag, then head of the Congressional Budget Office, White House budget director.
During his leadership of the CBO, Orszag began examining to fiscal impact of the current system and the impact the cost-drain has on short and long term policy. A major analysis in November of 2007, 'The Long Term Outlook of Healthcare Spending' outlined his core findings and recommendations.
Orszag's basic theory has remained the same since: rising healthcare costs are impacting the US economy at all levels, today. There are significant opportunities to reduce healthcare spending at all levels.
Orszag has 3 strategies to save:
1. Base treatment decisions on reliable information. Digitized medical records and a patient 'file in the sky' will provide doctors at all points of care with information that will reduce questionable tests and treatments with no adverse affect on the patient.
2. Reform the fee-for-service system to discourage unnecessary and unproven treatments.
3. Increase cost-sharing among consumers to encourage more cost consciousness. Though the bulk of healthcare dollars spent are for catastrophic coverage, this approach will significantly reduce the cost of non-catastrophic costs.
Will it work? David Brooks' believes Obama's theory is
more placebo than cure.
"His [Obama's] theory was he could
spend now and save later. He could fund his agenda with debt now
and then solve the long-term fiscal crisis by controlling health
care and entitlement costs later on." Brooks thinks its
suicide.
(Full Story:
Fiscal Suicide Ahead
)
Get More...
To learn more about Peter Orszag and his analysis of the
fiscal impact of the US healthcare system on US policies, start
here.
To read more of David Brooks' commentary on President Obama, his administration and its policies, go here .
One theory thinks ANY stimulus is a bad idea. (See: The Austrian Theory of Business Cycles.)
Another, that any real economic stimulus will require the US to spend at least 15% of its total GDP.
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Listen to the newest single from his upcoming album "Who I Am" below:
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