The former president noted that America is first “by a country mile” in the share of gross domestic product we spend on health care, at 17.9 percent. Yet our results are somewhere around 25th — at best — in the world. He suggested our economy could be transformed if we could reduce that share to the 12 percent of GDP Switzerland and the Netherlands devote to health care:
The difference between 17.9 percent and 12 percent is $1 trillion a year. A trillion dollars that could go to pay raises, or to hire new employees or to make investments that would make our economy grow faster or to provide more capital to start small businesses or to expand others or to support diversifying and strengthening agriculture. You name it. A trillion dollars is a lot of money to spot our competitors in a highly competitive global economy.
Obamacare is the best way to begin this transformation, he argued:
It’s better than the current system, which is unaffordable and downright unhealthy for millions of Americans…