Many economists and media personalities like to fret about the state of the U.S. economy and national debt, but New Mexico State University economist Lowell Catlett said Americans have, and will continue to have, plenty of money to spend on their healthcare.
The average American devotes 42% of their income to food, housing and utilities. In Japan, the same figure is 62%, and in Europe, it's 68%. Globally, it's 98%, he said.
“It's 42% here, the lowest it has ever been in history,” Catlett said, at times gripping his forehead and running his fingers through his white hair, illustrating the comment he opened his lecture with about his mother once telling him he'd been “weird as hell” since he was born.
Catlett, who delivered the annual Gintzig Commemorative Lecture during the third day of the American College of Healthcare Executives' annual Congress on Healthcare Leadership in Chicago, talked about why he thinks healthcare will dominate the economy in the 21st century.