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Last month, Tyler Cowen covered in his Bloomberg column (goo.gl/Rc582d) an analysis by Random Critical Analysis (goo.gl/AYuPBW) that suggests Americans spend more on healthcare because we consume more in general. If true, this means we may need more fundamental changes to how people approach spending before we can cap healthcare spending. Do the panelists find this line of reasoning persuasive? How important is it to change this philosophy? Even if we had a single payer model, will we simply have a more expensive version of one that exists in peer countries?
Last, I'd like to get the panelists' take on a provocative point made by the RCA blog post, which is that given all the money people spend on luxury goods and conveniences that don't provide any healthcare benefits, should we be so focused on containing healthcare spending if it provides peace of mind or some other subjective benefit?