Question

Should the United States attempt to restore the kind of competition that kept the cost of health care to 5% of GDP in 1960, or institute a single payer system, which would do more to lower the price of care, but compromise quantity/quality?

Answer 1

The United States should attempt to restore competition in health care like that in 1960 rather than opting for single payer system.

The reason for this is that single payer system will lead to elimination of competition which will result in decrease in the quality of health care provided. Also the government budget for health care might reduce with single payer system.

On the other hand, competition in health care system will make sure that the health care providers provide quality health care to the consumers. Also increase in competition will ensure decrease in price making health care treatment affordable for the people.

If government increases cost of health care to more than 5% of GDP, then also the prices will come down and make the treatment more affordable for people. But competition is definitely better than single payer system for better health care system.