In detail, discuss and evaluate what is meant by the US Gross National Product and what percentage is health care expenditures in the US?


US Gross National Product and Health Care Expenditures Percentage
The gross national product is goods and services market value produced per year by
property and labor provided by a country’s citizens. It shows distributed production according to
ownership location. Income is calculated according to residence and ownership location.
In the United States, the gross national product has increased hugely. By the end of 2017,
GNP was 17469.21 billion US dollars compared to 17352.84 billion us dollars by August the
same year. The average gross national product in the United States is 8335.87 billion US dollars
from 1950 to 2017. It is evident that the GNP has recorded the highest of 17469.21billion US
dollars by the end of 2017 and lowest of 2098.40 billion US dollars in April 1950. As gross
national product does not account for the unemployed and unpaid workers, different economists
have questioned it importance as a measure of the prosperity of the economy (Bartik, 2017). The
United States economists also argue that the GNP uses the destructive and unproductive
economic activities.
Center for Medicare and Medicaid services estimated health care spending to be 4.6%,
3.5 trillion us dollars by the end of 2017. Previously, it was predicted to rise up to 5.4% in 2017.
CMS has currently estimated a percentage of healthcare spending to be an average rise of 5.5%
per year from 2017 to 2026 (Curto etal., 2017). Moreover, the healthcare spending will consist of
19.7% United States economy by 2026 as compared to 17.9 % in 2016. 5.7 trillion US dollars is
the projected health spending.
Unites States is known as the high healthcare spender having to spend 10,348 US dollars
person in 2016. This amount is 31 percent more than Switzerland who is the second highest
spender (Curto etal., 2017). Healthcare spending increase is expected to be contributed by factors such as health insurance programs initiated by the government for disabled and poor
citizens, the growth of prescription medicines for cancer and genetic disorders, and increased
cost of healthcare products.

Posted in Uncategorized