MINNEAPOLIS, June 19, 2008—U.S. Federal Reserve Board Chair Ben Bernanke says that improving health care system performance is among the country's most critical challenges and that efforts must focus on access, quality and cost, according to an article in CQ HealthBeat.

Bernanke spoke Monday at the "Health Reform Summit" held at the Library of Congress and sponsored by the Senate Finance Committee.

Bernanke said health care spending comprises more than 15 percent of the U.S. economy and is the "single largest component of personal consumption, larger than spending on either housing or food."

He noted that if the pace continues, health spending will exceed 22 percent of gross domestic product by 2020 and represent 50 percent of all federal spending by 2050.

Bernanke said, "Taking on these challenges will be daunting," and we "should not expect a single set of reforms to address all concerns. Rather, an eclectic approach will probably be needed."

Rising federal spending on health care will require cuts in other government programs, higher taxes or increased budget deficits, according to Bernanke. "Improving access and quality of care may increase, rather than reduce, total costs," he said.

Complete story at Kaiser Daily Health Policy Report