It’s not exactly earth-shaking news that there’s a lot of waste in the U.S. health care system, but this item we came across still managed to stagger us: A report by the Institute of Medicine estimates that as much as $750 billion is wasted in the U.S. health care system each year. Three quarters of a trillion dollars. Every year. As the Wall Street Journal notes, that’s bigger than the Pentagon budget, amounting to roughly 5 percent of GDP. The report offers a familiar laundry list of problems. Unnecessary services are the leading driver of waste, but administrative expenses and...