What’s the reason? Many people blame it on the Affordable Care Act (ACA), more popularly known as ObamaCare.
But this assessment contrasts markedly with the picture the president painted for us only a few months back when he said that “health care costs are growing at the slowest rate in 50 years.” He and members of his administration attributed that to the ACA.
So which view is correct? Probably neither. It’s too soon for ObamaCare to have resulted in a big boost in spending. And the previous slowdown was underway over a decade. (See the chart).
Over the longer period, what does track the slowdown very closely are three other developments: