Instead of pursuing minor cuts here and there, policymakers must address structural factors, including the budgeting process.

Market discipline is possible only with rules that make it clear to all concerned who is offering the best value to patients.

How can the largest items in the federal budget, Social Security and Medicare, be preserved without more borrowing?

While challenging politically, the payoff—better medical care at much lower costs—is too substantial to abandon for a lower-performing alternative.