Healthcare spending to reach 19.8% of GDP

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The actuaries at the Centers for Medicare and Medicaid Services now forecast health-care spending to reach 19.8 percent of GDP by 2020, up from 16.6 percent when President Obama took office. And half this spending (49 percent) will be by government.

The actuaries’ predictions suggest that, in the long run, the largest threat to the nation’s solvency isn’t Medicare; it’s the Obama health law’s vast expansion of Medicaid, which will cost more than Medicare once baby-boom demand peaks.

Simply put, the president’s “reform” is converting Medicaid from a temporary safety net to a permanent, taxpayer-paid health entitlement, replacing private insurance.

Ref and Read more: http://www.nypost.com/p/news/opinion/opedcolumnists/health_reform_has_sent_costs_soaring_bhDoyaRVt7oo2JjEzs8bEO

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