Long-Term Financial Effects Of US Health Care Costs

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Health Care Costs

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Comptroller General David Walker in an interview with the Financial Times,said the U.S. faces "unprecedented fiscal risks" with "the loomingretirement of baby boomers, spiraling health care costs, plummetingsavings rates and increasing reliance on foreign lenders," the Timesreports. He added that current policies and practices could lead to"dramatic" tax increases and reduced public services and could promptforeign governments to drop holdings of U.S. debt.

Walker saidthat he plans to brief presidential candidates on his concerns nextspring. He said, "They need to make fiscal responsibility andinter-generational equity one of their top priorities. If they do, Ithink we have a chance to turn this around, but, if they don't, I thinkthe risk of a serious crisis rises considerably."

A recent Government Accountability Officereport commissioned by Walker found that the U.S. faces "chilling"long-term financial prospects, in part because of increased health carecosts (Grant, Financial Times, 8/14).
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