How much do Medicare cuts reduce inflation?
Because the health sector makes up a large share of the U.S. economy, widespread price changes for medical services can impact overall inflation significantly. Cuts to public health-care spending spill over directly and indirectly to private spending. A recent estimate suggests the full effect of the Medicare payment cuts from the 2011 Budget Control Act resulted in a decline of 0.24 percentage point in the overall personal consumption expenditures price index. This is over twice the expected drop if private-sector spillovers are not included.
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- Jeffrey Clemens & Joshua D. Gottlieb, 2017.
"In the Shadow of a Giant: Medicare’s Influence on Private Physician Payments,"
Journal of Political Economy,
University of Chicago Press, vol. 125(1), pages 1-39.
- Jeffrey Clemens & Joshua D. Gottlieb, 2013. "In the Shadow of a Giant: Medicare's Influence on Private Physician Payments," NBER Working Papers 19503, National Bureau of Economic Research, Inc.