Like in The Wizard of OZ, I wish a good witch could wave a magic wand and spare us from the economic crisis gripping our nation.

That's not going to happen, so the federal government has stepped in with a $700 billion plan to stabilize the financial markets.

Absent in the debate about where we go from here is how skyrocketing health care costs have contributed to the financial instability of American workers.

Harvard Law School researchers estimate that in 2006 alone, 1.5 million Americans were in jeopardy of losing their homes because of medical problems. They found that medical crises contributed to home foreclosures in half the foreclosure filings in four states they reviewed.

Medical costs are putting many hardworking families in serious financial danger.

Consider this:

Health care costs are inflating three times faster than wages and the Consumer Price Index.

From 2000 to 2007, average annual premium for job-based family health coverage rose from $6,351 to $12,106--a 90 percent increase, of which 25 percent was paid by the worker.

In 1980, health care costs were 9 percent of Gross Domestic Product (GDP)--today they're 16 percent and they are expected to exceed 20 percent in a few more years.

Other industrialized nations spend about half as much, even though they cover everyone and have much better health outcomes.

A survey released by the Commonwealth Fund in early August found 82 percent of Americans believe our nation's health care delivery system should be fundamentally changed or completely rebuilt.

As Chair of the Senate Health & Long-Term Care Committee, I'm constantly asked, "What can we do to change the system so that it's more equitable?"

For starters, we must contain costs. For example, administration now eats up 30 cents of every health care dollar.

Doctors say they spend two hours a day dealing with different insurance forms and coverage questions.

In contrast, the "government-run" Medicare program has an average four cents on-the-dollar administrative cost.

Senate Bill 6333, which passed the Legislature during the 2008 legislative session, called for an actuarial study to estimate savings for my proposal, which I call the Health Freedom Act, and five other reform proposals.

This report, due in December, will give us the bottom line numbers on how much we can save if we undertake real health care reform.

Significant changes can be made at the state level to ease the burden of families, but federal leadership is needed in this critical policy area, too.

As our government struggles to restore our financial health, we must also find a way to achieve health care that doesn't threaten to bankrupt American families.

The clock is ticking.

Senator Keiser, D-Kent, represents the 33rd Legislative District