How Much Of Our Economy Is Just Keeping Boomers Alive?
Breaking the Monopoly: 10 Industries Ripe for Disruption ➡️ https://clickhubspot.com/37bf89 ----- Sign up for our FREE newsletter! - https://www.compoundeddaily.com/ Books we recommend - https://www.howmoneyworkslibrary.com/ Listen on Spotify - https://open.spotify.com/show/5gi1Job... ----- My Other Channel: @HowMoneyWorksUncut @HowHistoryWorks Edited By: Svibe Multimedia Studio Music Courtesy of: Epidemic Sound Select Footage Courtesy of: Getty Images 📩 Business Inquiries ➡️ [email protected] Sign up for our newsletter https://compoundeddaily.com 👈 All materials in these videos are for educational purposes only and fall within the guidelines of fair use. No copyright infringement intended. This video does not provide investment or financial advice of any kind. #healthcare #jobs #money ---- I know it’s not going to come as a shock to any of you watching when I say that the Healthcare industry in America is incredibly broken… We spend almost double most other advanced economies, and yet we have measurably worse outcomes, lower life expectancy, higher infant mortality, more easily preventable deaths, far lower early intervention methods not to mention the general stress that goes along with a trip to the hospital which means a lot of people just… don’t go until it’s too late… Now again, I know none of this is shocking to you anymore (even though it really should be), but these frictions, failures and financial incentives have all become so ingrained into a system that has in turn become so ingrained into our country that it raises a rather concerning question… Would it even be possible to fix the healthcare system… without destroying the economy in the process? The USA is the largest market in the world thanks to the disproportionate share of our economy dedicated to consumer spending… This is a statistic that even I have highlighted here before on this channel because it makes us look like we just love buying overpriced trucks and useless consumer junk, and while maybe that’s still true, if you remove healthcare spending from this equation we are actually right in line with most other peer countries… Put another way, if we actually demolished the healthcare system and built something somewhat efficient in its place, we would cut out as much as 10% of our GDP… Now 10% of our entire economic output going towards spinning the wheels of medical bureaucracy isn’t great… but this broken window still represents millions of jobs not to mention… a lot of our financial system… they might contribute nothing outside of justifying their own existence, but now that they are there, getting rid of them without a backup plan is going to be deeply damaging. Now I know what you might be thinking, just because something is hard, doesn’t mean we shouldn’t do it, and even for the people who don’t believe in socialised medicine the bureaucratic bloat in healthcare is still a problem… but it’s also important to realise that no policy maker wants to preside over millions of lost jobs, even if it would fix one of the biggest ongoing burdens on the nation… Oh yeah and one last thing, before all of you non Americans start feeling too smug about the rock and a hard place we have wedged ourselves into, it’s probably worth exploring how we have exported this issue across the world to the point where there is a pretty good chance we are making YOUR health outcomes worse as well…
