Wall Street's short sellers are beginning to talk about healthcare as the next major threat to the US economy. Costs are so high that the market will have to correct sooner rather than later. Left unchecked, a market-led correction will be brutal.
Imagine a parasite living in the US economy, siphoning off the cash that has powered the middle class for decades. We know it's there, but no one — on the right or the left — is talking seriously about how to slow its growth.
This parasite is our healthcare system. It is already causing more damage to the economy than you know, and at least one group of people seems to have this figured out: the same Wall Street doomsayers who predicted the financial crisis.
Here's what they know, in the broadest terms. Healthcare spending took up 4.8% of consumer spending in 1984, hit 8% in 2014, and then surged to 10% by 2016, according to the Bureau of Labor Statistics.
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