The US spends much more on health care than other high-income countries, and generally achieves outcomes that are, if anything, worse (e.g. lower life expectancy). Greg Mankiw looks on the bright side: in the NY Times, he argues that some of the facts cited by critics of the US system are misleading. Dean Baker and Mark Thoma were all over this one.
Update (11/6): Speaking of worse outcomes, The American Prospect's Ezra Klein offers "Ten Reasons Why American Health Care Is so Bad," from a recent comparative study (hat tip: Economist's View).
Update 2 (11/6): On his blog, Mankiw responds to some of the criticisms.