Slowing the annual growth rate of health care spending by 1.5 percentage points would improve Americans’ standard of living, and reduce the federal budget deficit and the unemployment rate, according to a report released last week by the White House Council of Economic Advisors.

In addition, expanding coverage would increase the economic well-being of the uninsured, likely increase labor supply and improve the functioning of the labor market. The three-member council advises the president on the formulation of both domestic and international economic policy.