The US spends over double for healthcare than most average wealthy nations

The US’ exorbitant healthcare expenditure, which reached a staggering $11,031.29 per capita in 2021, has far outpaced that of other wealthy nations, with costs more than doubling the average. This alarming trend in the US, which has seen healthcare costs balloon from a mere 5 per cent of GDP in 1962 to a whopping 17 per cent in 2022, has likely contributed to the nation's burgeoning debt levels.

The primary culprits behind this unsustainable trajectory are an ageing population and the relentless rise in medical service prices, which have consistently outpaced inflation due to the adoption of expensive new technologies, administrative waste and hospital consolidation.

Many families in the US struggle to keep their heads above water and the consequences of inaction are becoming increasingly apparent. The ever-increasing cost of healthcare threatens to stifle economic growth, erode disposable incomes and push more Americans into financial difficulty. With the 2024 presidential election on the horizon, the question of how to rein in healthcare costs and ensure access to affordable, quality care for all citizens will be an important question for both Presidential candidates to address.