Final answer:
Estimating the health savings from a socialized health care system involves reviewing external costs such as those in the auto industry and retiree health care costs. While the precise figure is not specified, the overall suggestion is that substantial health savings could result from such a transition.
Step-by-step explanation:
Estimating the health savings from transitioning to a socialized health care system involves complex economic considerations. Progressive economists suggest that the external costs borne by industries, like the auto manufacturing industry, could be significantly reduced if health care was provided by the government. For instance, an American-made mid-sized sedan is approximately $2000 more expensive than similar cars made in countries with socialized health care systems due to the health insurance costs US manufacturers have to cover for their employees and retirees. Therefore, with the industry estimated cost at $9 billion, it is postulated that health savings could be on a significant scale, though the precise figure requires further economic analysis.
Additionally, costs associated to retirees are high, as exemplified by estimates indicating that a couple may need approximately $283,000 for health care costs in retirement. Moreover, considerations such as expenses, avoidable healthcare costs, and charity costs add up to a substantial price tag, highlighting the importance of a strategic response to the health care crisis.