In case you are wondering, it’s not a revenue problem. It’s not a deficit problem. It’s a spending problem.
Economist Antony Davies makes a great case for that in this short video:
Near the end of the video, Davies suggests that, based on the increase in per person costs of government and health care, we should have asked health care professionals to reform government, rather than the other way around.
Though, I think it’s also worth pointing out that a major reason that even cost of health care has risen faster than the overall price level is government’s involvement.
Check me on this.
Can you name any part of the economy where the price level has increased faster than inflation over long periods of time that did not have major interventions from government?
(Thanks to Dan Mitchell at International Liberty for pointing me to the vid).