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It's a question many of us could ask. More than 45 million Americans now belong to a health club, up from 23 million in 1993. We spend some $19 billion a year on gym memberships.

People who regularly exercise are at significantly lower risk for all manner of diseases — those of the heart in particular. They less often develop cancer, diabetes and many other illnesses. But the past few years of obesity research show that the role of exercise in weight loss has been wildly overstated.