Over the past decade, the United States has added trillions of dollars to its national debt. Much of that growth in debt occurred as a result of the Great Recession and the fiscal policy response to it.
The rising cost of prescription drugs is a key driver of overall healthcare spending in the U.S. This trend has significant implications not only for Americans who rely on medications, but also for our nation’s budget and fiscal outlook.
At a hearing on the U.S. Economic Outlook for the Joint Economic Committee on November 13, Federal Reserve Chairman Jerome H. Powell expressed concern about America’s fiscal outlook and how it may affect our economic future.