Suppose an older family member says something like this: “When I was younger, we didn’t spend...

Suppose an older family member says something like this: “When I was younger, we didn’t spend nearly as much on health care as we do today. I can’t believe the government lets our standard of living deteriorate so much over time.” Carefully evaluate this statement.

Expert Solution

Spending on healthcare does not deteriorate the standards of living, in fact it indicates how much we are concerned with our health. Government pays a portion of our medical bill and encourages us to take health insurance because it is aware of the value of human capital to a nation. A healthy work force is more productive which will ultimatley increase standards of health. It is however true that the financial burden is huge and somehow the cost is unnecessarily high. But at the same time, we are in a better position today with respect to the status of health, standards of living, education levels, longevity of life than ever before.

Rahul Sunny answered 2 years ago

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