Health Care: The Real Fiscal Nightmare

While policy wonks slug it out over McCain and Obama's tax plans, a far bigger problem looms: rampaging medical costs

A heated discussion is taking place in the economic blogsphere over the rival tax plans of Presidential candidates Barack Obama and John McCain. Of course, the battle of rival tax blueprints has been in force ever since the two hopefuls sewed up their respective nominations, but a new round of fighting recently erupted. A number of important points have been made. But the fiscal policy dispute, while informative and fascinating, has focused too much on tax regimes and not enough on the real challenge: health care. When it comes to domestic, nonmilitary fiscal policy in the new millennium, everything is dwarfed by health care.

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