Health care expenditures by federal, state, and local governments will account for 47 percent of all health care expenditures by 2027–but that's just a 2 percent increase from today. (Image: Shutterstock)

For those worried—or excited—about the idea of socialized medicine taking over the U.S health care system, new government data suggests that we're halfway there already.

According to a new set of projections from the Centers for Medicare and Medicaid Services (CMS), health care expenditures by federal, state, and local governments will account for 47 percent of all health care expenditures by 2027. If that sounds like a lot, consider that government spending already accounts for 45 percent of the bill.

The numbers, published in the journal Health Affairs, suggest that the rate of cost increases will be slightly higher than in recent years, but lower than in the pre-Affordable Health Care Act period of 1990 to 2007, when costs increased at 7.3 percent annually. For the next ten years, CMS expects an annual average increase of 5.5 percent in health care spending.