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Unformatted text preview: budget surpluses may only be a temporary reprieve due to demographic circumstances. Baby boomers were in their prime earning years then, but TODAY the first baby boomers are retiring. Lower tax revenues? Increased spending on medicare, medicaid, and social security? Which analysts were correct? In 1997, medical spending in the U.S. hit $1.032 trillion, that is a little over 1,000 billion dollars. In 2003, medical spending in the U.S. hit $1.7 trillion. In 2006, medical spending in the U.S. was $2.6 trillion. 4 A government report recently estimated that spending on health care in the United States could double by 2017, reaching $4.3 trillion and accounting for 19.5 percent of the nation's gross domestic product. The report was published in the Feb. 26, 2008 online edition of Health Affairs ....
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This note was uploaded on 12/29/2011 for the course ECO 210 taught by Professor Malls during the Fall '10 term at SUNY Stony Brook.
- Fall '10