On Wednesday, Senator Elizabeth Warren’s campaign released a statement that she is looking at other revenue options. After intense criticism in the recent debate, Warren faces a situation in which she needs an answer for how to pay for Medicare for All. Let’s take a deeper look.
First of all, Warren has dodged questions in how she would pay for the plan. The plan, designed by Senator Bernie Sanders, has a whopping estimated price tag of $32 trillion over 10 years. For perspective, the entire US Federal budget is $4.407 trillion for 2019. Above all, Medicare for All would double the federal budget.
In this file from Sanders Senate website, Sanders suggests multiple new taxes to pay for the program. If you add all these taxes together, new revenue generated would be $15.9 trillion roughly. This is still over $16 trillion less than what is needed to fund the program. My accounting background tells me that still leaves a huge deficit to try to overcome.
Democrats make the argument that Medicare for All will save money. Let’s look at that also. Healthcare costs rise every year. Estimates show that healthcare expenses are expected to rise 5.5% each year on average for the next decade. This estimate shows expected costs are to top $6 trillion annually. In 2017, we spent $3.5 trillion on healthcare. All of these assumptions for savings and cost are estimating that healthcare costs remain the same, which the estimates are showing is incorrect.
There are ways to help the healthcare situation in the Unites States that do not involve Medicare for All. The solution is not Obamacare, Obamacare 2.0, Bidencare or any other name you want to place on it. The solution is to get the government out of the healthcare business.
For instance, Fee.org has a great article talking about this. Government interference in healthcare is not solving the problem. Misses Institute also has a great publication discussing some of the same topics. Much of the data shows that after government interaction into healthcare, the costs have skyrocketed.
So, it’s no wonder that Warren needs to look at additional revenue streams. In other words, someone has to pay for this program and she isn’t going to pay for it personally. The cost of this program will drop to the American taxpayer, not just those evil rich people as she claims.
Just going to leave this here…
“There’s no question it hits the middle class.”
“This has to hit the middle class.”
“71 percent of those with private insurance would pay more in new taxes than they would save…”#MedicareForAll #DemDebate https://t.co/0DKwGusCnb
— Rep. Dan Crenshaw (@RepDanCrenshaw) October 16, 2019
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