I must confess, this chart does give me pause. It does nothing to refute my grandfather's claim that health care costs have skyrocketed since the government got involved in subsidizing health care. However, he is saying that on two partial knee replacements funded by Medicare. I think the whole story is more complicated than that, but I don't really know enough about the health care system to make a convincing case against grandpa's claim.
Another interesting thing to note is how much more we were paying in interest as a percentage of government spending in 1987. Those 12% Treasuries they sold back in 1982 really cost a lot to service.
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