Actually we have neither. Our standard of living was once the highest in the world. It is no longer due to the fact we have created a welfare state. Other nations and they are few, do have as good and superior health care under socialized medicine, such as Canada, Norway, Sweden, Germany, and most significantly Switzerland. They have this high standard of health care due to industrious people that pay a hell of a lot of taxes but those taxes related to health care are still less than what we pay in the United States.
However, when you have a large amount of people that are on welfare and not productive tax paying citizens the burden on the health care system is immense and the quality will go down. It will go down dramatically.
The huge influx of migrants from the middle east have put an immense strain on the health care system of Germany. They have a good health care system. The quality will go down and will go down dramatically.
ps
I am not advocating socialized medicine nor private care. I am just stating facts. The real hell of it is we have socialized medicine in the United States and no one even realizes it. When you go to a hospital and have insurance a very large percentage of your bill is due to the fact these same hospitals must by law provide care for anyone that shows up in their ER. Your insanely high premiums are paying for those that have no insurance and can not pay or refuse to pay. That is back door socialized medicine. A lot of them but not most are illegal aliens.
The Swiss system may be an excellent model to emulate, but most assuredly NOT because it is socialized. It is not. Among other interesting characteristics, it is administered by the “States” (cantons).