A major report from the influential Institute of Medicine revealed Friday that America's health-care system wastes $750 billion every year—or about a third of every dollar spent. The waste mostly comes from unnecessary treatments, fraud, and complicated paperwork. "Yet American health care is falling short on basic dimensions of quality, outcomes, costs, and equity," the report concluded. Despite the ongoing political fight over health-care entitlement cuts, the report recommends a different money-saving approach: trim the fat. After all, that $750 billion in waste is worth 10 times more than Barack Obama and Paul Ryan's proposed annual Medicare spending cuts.