Jared Bernstein

But all I'm saying is that that 11% increase in the S&P is a weighted measure, weighted by market capitalization.

You can also look at an unweighted measure of the S&P.

That's up 0.8%.

over the last year.

11% weighted, 0.8% unweighted.

We have an S&P 7 and an S&P 493.

And the S&P 493 is pretty flat.

Yeah, I mean, I think it's flat.

I mean, I've actually looked at the 493, whatever it is, because again, not every one of the seven is flat.

But yeah, it's flat.

It's pretty flat.

Exactly right.

I mean, the way I always say it, I mean, your analogy is really interesting.

It's fairly complex.

Here's a simple way to say, I think, a similar thing.

If I show up to the supermarket hungry, they don't have to feed me.

If I show up to the hospital sick, they have to treat me.

that takes it out of the market right away.

And every single other advanced economy has figured it out that trying to make this a for-profit or a kind of weirdly structured nonprofit sector of the type you just described is going to mean an economy that spends 18% of its GDP on healthcare, that's us,

Versus 10 or 11%, which is the average for every other advanced economy.