Universal Health Care in UK and Debt to GDP Ratio Worse than Greece
The Obama administration and liberal Congress have been telling us that health care reform is absolutely necessary to reduce national deficits. In a Guardian article, Katie Allen reports that although Britain has the National Health Service (full universal health care), it’s deficits are climbing to rates that make Greece look fiscally-responsible.
European commission’s spring forecasts put UK budget deficit this year at 12% of GDP – the highest in the European Union and worse than Treasury estimates .. The country’s budget shortfall was the third largest in the EU last year but will overtake both Greece and Ireland this year, according to the forecasts. Greece’s measures to tackle its public finances problems are projected to cut its deficit to 9.3% of GDP.
The article doesn’t go into the major causes of the excessive spending, but in looking up UK budget spending, it appears that 28% is on our equivalent to Social Security and the second biggest expense is the National Health Service (national health care). But, we were told that nationalizing health care would curb deficits?