Any human endeavor which requires spending money eventually reaches a point of diminishing returns, and health care is no different:
Health care reached the point of diminishing returns about fifty years ago. 100 years ago America spent 3% of GDP on health care and people lived to about 60. Today we spend about 15% on health care and people live to about 80. A good portion of that increase in life expectancy is due to better food and less violence. It is axiomatic that as things like health care improve, the cost of further improvement escalates. The marginal return on investment declines.
Getting people to about 100 would cost — what, 75% of GDP? Inevitably there will be some starry-eyed character who cries “But you can’t put a price on people’s lives!” Sure you can. In fact, it’s the only thing you can do, inasmuch as the money tree in the back yard is not producing.
I figure everything that threatens me on a regular basis — blood-sugar anomalies, hypertension, osteoarthritis, Al Gore — will be gone shortly after I am. However, I don’t even want to imagine the price tag for any one of those developments.
Then again, we do know how to do health care right. We just don’t:
America has the greatest health care system on earth. It is super cheap, with lots of options and a high degree of customer satisfaction. It is called veterinary medicine. American pets get better health care than 95% of the world population for pennies. The reason is there are few barriers to suppliers so there are many options along the price curve. There’s also incentives to innovate. My Vet has world class lab equipment because it helps attract business.
On the other hand, few pets live to 100 or 80 or even 60.