Bush and the NYT about 20 Years Behind the Times

The New York Times writes:

The Bush administration predicted Wednesday that government would account for nearly half of all the nation's health care spending by 2014.

Apparently, the Bush administration in unaware that government accounts for way more than half of health care spending today. And it's not really that close. Another example of how mere accounting and economic analysis are different.

Further, they claim:

Further, it said, total health spending will double in a decade, to $3.6 trillion in 2014 from $1.8 trillion last year, while gross domestic product, the total output of goods and services, grows more slowly.

Thank goodness we're gonna bring health care innovation to a grinding halt to keep that spending growth in line with GDP.

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