2024 US Presidential Election impact on Healthcare: The U.S. presidential election in 2024 is likely to become an extremely contested and significant one, with significant ramifications for the future of the country’s healthcare system.
2024 US Presidential Election impact on Healthcare
Both parties will probably have different ideas as well as suggestions for how to deal with the challenges as well as opportunities faced by healthcare in the 21st century. Several experts, however, think that the result of the election might not be as crucial as the forces which shape the healthcare landscape, no matter who occupies the White House.
Changing U.S. demographics
Among the most significant and unavoidable factors which will affect healthcare is the changing size and composition of the U.S. population. According to the U.S. Census Bureau, 2030 will mark the very first season that virtually all baby boomers (born 1946 to 1964) are going to be more than 65 years old’. What this means is that the wealthiest and largest generations in history are going to soon transition from productive employees as well as taxpayers to dependent retirees as well as recipients of social programs.
Middle and young class generations will follow, causing a demographic and fiscal imbalance which will place the federal budget as well as economy under strain. The outcome is the fact that policymakers will need to make difficult choices regarding how to allocate scarce resources, which includes for healthcare. The next president’s challenge is going to be to effectively balance the needs as well as aspirations of the elder generation with the needs and aspirations of the younger population.
Expiring tax cuts
Another aspect that can restrict the upcoming president’s fiscal and policy choices will be the expiration of a number of tax laws passed or even extended in the past two years. Probably the most important of these would be the 2017 Tax Cuts as well as Jobs Act, that cut down corporate and individual income tax rates and it is due to expire in 2025, as well as the 2001 as well as 2003 Bush tax cuts, which reduced taxes on earnings, stock market, stock dividends and estates and also have been created long lasting by the Obama administration in 2012.
These tax cuts have played a role in the expansion of the federal debt and deficit, which is anticipated to reach unprecedented levels in the near future. Based on the Congressional Budget Office, the federal debt held by the general public is going to surpass the dimensions of the economy by 2023 and reach 202 % of GDP by 2051′. This will increase interest rates and crowd out other government expenditures, such as on healthcare. The next president is going to have to determine the way to finance federal initiatives and whether to expand, alter or even abrogate the tax cuts.
A third force which is going to shape healthcare over the following ten years will be the increasing public concern as well as dissatisfaction with the excessive and growing costs of healthcare. Based on a recent study by the Kaiser Family Foundation, 72 % of Americans think that reducing medical costs ought to be a top priority for the president and Congress, along with 62 % point out the federal government is doing not enough making healthcare affordable.
The COVID 19 pandemic exacerbated the affordability problem as countless Americans lost their jobs, their medical insurance, and also faced increased out – of – pocket expenses for prevention, testing, and treatment. The next president is going to have to deal with the affordability problem by proposing as well as implementing policies which could lower the prices as well as spending of healthcare products and services, enhance the effectiveness as well as quality of the medical system, and improve coverage in addition to accessibility for the underinsured and uninsured.
A fourth and possibly transformative force which will impact healthcare in the next ten years will be the widespread and rapid use of innovative and emerging technologies with the ability to enhance healthcare delivery, experience and outcomes. These technologies are big data, telemedicine, digital health, precision medicine, genomics, biotechnology, nanotechnology as well as blockchain. These technologies can improve the diagnosis, prevention and treatment of illnesses, customize and customize healthcare to particular needs and personal preferences, empower as well as interact with patients as well as customers, and disrupt the healthcare business.
These technologies present challenges and risks including moral, legal, social and regulatory problems, cybersecurity as well as privacy risks, workforce as well as education gaps, and equity as well as access gaps. The next president must encourage as well as facilitate the creation as well as dissemination of these technologies while ensuring their efficacy, efficacy, and safety.
Conclusion: 2024 US Presidential Election impact on Healthcare
The 2024 U.S. presidential election will certainly have an important effect on the direction as well as potential future of the country’s healthcare system. The results of the election, though, might not matter very much when compared with the forces that are going to shape the healthcare landscape, no matter who wins the White House.
Among these forces consist of shifting U.S. demographics, expiring tax cuts, an affordability requirement, along with a technological revolution. The next president will need to navigate these forces and balance the trade offs as well as tensions between them to attain the objectives as well as goals of enhancing the health as well as well being of the American society and people.