President Barack Obama's Affordable Care Act has indeed driven the slowdown in health-care spending and the drop in health costs as a share of the economy, Obamacare architect Peter Orszag told CNBC on Wednesday.
While acknowledging the debate over whether economic growth or Obamacare led to the reduction in spending, Orszag said, "In Medicare, there's no plausible story you can tell that the slowdown is being driven by the economy."
The Medicare slowdown is dramatic, he emphasized in a "Squawk Box" interview. "The biggest part is intensity—that is how many services that people have. For example, readmission rates are down." By extrapolating the Medicare data, he contended, there's evidence that the president's health-care law has helped drive spending lower.
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The federal government announced on Monday that health-care spending in 2012 rose a modest 3.7 percent over the prior year to $2.8 trillion, as prescription drug prices were kept down due to several expiring patents.