Chapter 3 of Butchered by "Healthcare"
Healthcare costs started growing nearly exponentially when social support programs and private insurance fueled it in the 1960s. US costs are now $4 trillion (2020), almost a fifth of our gross domestic product (GDP), and twice what other developed countries are paying per capita.
Our medical sector spends more than the total revenues of banking ($477 billion), oil and gas ($181 billion), and military ($600-800 billion). We spend more on healthcare than the next ten countries combined—more than France, Spain, China, Japan, Brazil, Germany, Italy, Canada, Australia, and the United Kingdom. Wealthy Singapore pays only a mid-single-figure percent of its GDP, and many others spend about ten percent.
Could the rest of the world be missing out? Are there advantages of more pills, surgeries, and doctor care? How is it even possible to spend this much money? Our academics know the answer: excess healthcare makes providers money but is a net harm for patients.
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