Americans spend a lot on health care, more than any peer nation, and the cost is rising faster than nearly every measure of the U.S. economy.
The National Health Expenditure—the total amount paid for health care through public and private means—has risen faster in recent decades than inflation, household income, the gross domestic product (GDP), the population, and even the price of housing.
Americans collectively spent $4.9 trillion on health care in 2023, six times more than on national defense. No other country spends this much. As a percentage of GDP, the United States spends one-third more than Germany and France and more than double that of China….