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Correction: I meant to say health care costs were increasing at roughly 10% a year, not 15%. At 10% a year, the time for costs to double is indeed close to 7 years. If it were 15%, the doubling time would be less than 5 years! Useful rule of thumb: doubling time is approximately 70 [yr] / (% increase each year). So 70/10 = 7 years. Right now, $14 billion of our state budget goes to paying for health care. That's about half our total state budget. What are we going to do when it is $28 million?
NatFortune1 1 year ago