Renowned Chinese economist Andy Xie, analysed that America’s real crisis is in health care…
… the U.S.’s economic trouble is due to out-of-control health care. The excessively high spending is due to (1) the exceptionally high and rising obesity rate and (2) unregulated supply pricing combined with insurance and government-funded expenditure. The U.S.’ health care catastrophe is a combination of dangerous lifestyle and a bad system. And it is not purely a government size issue. Though the government pays nearly half, the other half is mostly funded by company-sponsored insurance. What a company pays for an employee’s health insurance is twice the total labor cost in emerging economies. Unless the cost of health care is brought under control, the U.S.’ unemployment rate is likely to remain high.
~ Andy Xie
What lessons can China and other countries learn from the America dilemma? Full article at Caixin
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