Chart of the Day

— The Council of Economic Advisers has a new report finding that health care spending is growing at the slowest pace on record. This chart shows the average annual growth rate of health spending on private insurance, Medicare, and Medicaid from 2000-2007 (in blue), 2007-2010 (in red), and 2010-2013 (in green).

“The fact that the health cost slowdown has persisted so long even as the economy is recovering, the fact that it is reflected in health care prices – not just utilization or coverage, and the fact that it has also shown up in Medicare – which is more insulated from economic trends, all imply that the current slowdown is the result of more than just the recession and its aftermath.  Rather, the slowdown appears to reflect ‘structural’ changes in the United States health care system.”

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