Health Quote by Yaron Brook
““Shortly after Medicare was passed, Americans were told it would cost $12 billion in 1990. Actual cost? $98 billion. Americans were also told that the cost of Medicaid would be less than $1 billion in 1992. Actual cost? $17 billion.””
About This Quote
Medicare and Medicaid cost projections were vastly underestimated, revealing large fiscal gaps.
In simple terms: Cost estimates for Medicare/Medicaid were far off.
Scrutinize policy cost predictions.
Themes
Mood
Type
When to use this quote
- economics
- political analysis
- media critique
Key Concepts
Questions to Reflect On
- How can cost projections be made more accurate?
- What safeguards prevent fiscal surprises?