How Will Your Finances Be Affected By Medicare-for-All?
The Democrats have been espousing “Medicare-for-All” as one of the cornerstones of their presidential platforms. You can be sure that Medicare-for-All will be part of a Biden presidency, should he win in November.
The idea of government based universal health insurance that covers all or most Americans sounds good on the surface. However, have you thought about what such a plan could mean for the economy and your personal financial health?
A new analysis from Penn Wharton indicates the results of Medicare-for-All. They found that the unavoidable costs and tax increases of a proposed “one-size-fits-all” new government health insurance system could “decimate” the economy.
According to the Wharton report, Medicare-for-All could “could shrink the U.S. GDP by as much as 24% by the year 2060.”
This report is just one more analysis adding to the mounting evidence that Medicare-for- All would burden American families with unaffordable new costs.
Additionally, a study by the Urban Institute found “that federal spending on health care would increase by roughly $34 trillion.”
Furthermore, The Committee for a Responsible Federal Budget (CRFB) found that “fully offsetting the cost would require higher taxes on the middle class.” It would also, “require the equivalent of tripling payroll taxes or more than doubling all other taxes.”
Even Senator Bernie Sanders acknowledged that Americans making more than $29,000 per year would “pay more in taxes.”
According to Marc Goldwein of CRFB:
“There is absolutely no way to pay for Medicare for all without tax increases on the middle class.”
The bottom line: Economists agree that most taxpayers would pay more in taxes than they would save under a “Medicare-for-All” system.
What do you think? Are you willing to pay more in taxes for government run healthcare? Please reply using the comments below.