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libertangoTPM has the wrong headline here. It should be, "Steele claims health bill will cut government health costs by $360 billion a year."
Here's why: US GDP is estimated at $14.2 trillion. Health care costs are estimated at 16% of GDP, or $2.3 trillion a year, or $7439 per capita. Government's share of that is estimated at 60% per the peer-reviewed British Medical Journal, Volume 335:1126-1129, 1 December 2007. That works out to $4440 per capita, or $1.368 trillion. $1 trillion taken away from $1.368 is... Well, as Tom Lehrer said, Let's not always see the same hands.
Here's why: US GDP is estimated at $14.2 trillion. Health care costs are estimated at 16% of GDP, or $2.3 trillion a year, or $7439 per capita. Government's share of that is estimated at 60% per the peer-reviewed British Medical Journal, Volume 335:1126-1129, 1 December 2007. That works out to $4440 per capita, or $1.368 trillion. $1 trillion taken away from $1.368 is... Well, as Tom Lehrer said, Let's not always see the same hands.
