OK, here's a pop quiz: which business sector will have the most impact on your budget and quality of life in the near future?
- Technology? – Certainly technology will play a strong role in shaping the economy and personal budgets. Productivity gains will make companies more profitable and reduce expenses. Unfortunately, this does little to solve the unemployment problem which will persist for years.
- Oil prices? – Fluctuating oil prices will continue to play havoc with the national economy and your personal budget. Higher demand and stable supplies translate into higher prices. If the worst happens in the Middle East, oil prices will skyrocket.
- Financial reform? – Financial reform, that is changing the way Wall Street does business, is a joke. Months after receiving massive government bailouts, Wall Street resumed its "business as usual" attitude, which means another crisis is around the corner.
While all three of these vital economic sectors play an important role in the health of the economy and your pocketbook, they are not the primary drivers of the future.
That distinction belongs to health care and health care reform. No other sector of the economy is growing (and has grown) as fast as health care.
People are living longer and requiring more health care intervention. There is little chance of curbing excessive debt and deficits if health care is not addressed.
Your future compensation may be tied more directly to rising health care costs than any other factor.
That places the economy and your personal economy is jeopardy.
