Health-Care Crisis Endangers Economy

Health-Care Crisis Endangers Economy | By Jason Leopold, Consortium News. Posted July 6, 2008.

A new report urges policymakers to find a solution to the health-care crisis; long-term fiscal problems may develop if the issue is not addressed.

If the United States does not act soon to address health-care costs, federal and state governments as well as American businesses could face a cascading fiscal crisis with devastating long-term consequences, says a new report by the Government Accountability Office.

In the report entitled, "Long Term Federal Fiscal Challenge Driven Primarily by Health Care," the GAO, the investigative arm of Congress, said an immediate "multi-pronged solution" must be pursued before the "window of opportunity" to address the issue closes.

"Rapidly rising health-care costs are not simply a federal budget problem," said the report, prepared by Gene Dodaro, acting U.S. Comptroller General. "Growth in health-related spending is the primary driver of the fiscal challenges facing state and local governments as well.

"Unsustainable growth in health-care spending also threatens to erode the ability of employers to provide coverage to their workers and undercuts their ability to compete in a global marketplace." ...