Numerous 2020 Democratic candidates are promising government-run healthcare in “Medicare for All.” Bernie Sanders and Elizabeth Warren are especially pushing this socialist program as their signature platform. Yet none of the Democrats can explain how the government will pay for such a massive program. A bipartisan group has crunched the numbers. And they say funding it the way Democrats want is impossible.
Democrats keep saying Medicare for All is the only solution to our country’s healthcare struggles. Obviously, they know little about our country’s history or economy. Every major challenge America has faced economically has been solved by our free market values. Competition among private companies has produced the best products and services—at the best prices.
But 2020 Democrats want to throw away all that with one of the worst ideas possible: universal healthcare. They ignore the horrible consequences of socialized healthcare in Europe—where patients are forced to wait for months just to see a doctor. Any place where healthcare is run by the government, citizens can count on long waits, reduced care, and limited options.
Worse of all, these Democrats have not explained just how they will pay for Medicare for All. People like Sanders say all we have to do is tax the richest Americans. Punish the highest earners (who create jobs for the middle and working class) and all our dreams will come true!
But a new report has come out that proves taxing the rich will not be enough to pay for his pipe dream.
A bipartisan budget watchdog released a report Monday detailing options for how the federal government could pay for “Medicare-for-all”… and its findings show there would be no way to fund the expanded health program by simply raising taxes on the rich.
“There is not enough annual income available among higher earners to finance the full cost of ‘Medicare-for-All,'” it says. “On a static basis, even increasing the top two income tax rates (applying to individuals making over $204,000 per year and couples making over $408,000 per year) to 100 percent would not raise $30 trillion over a decade.”
An accompanying chart lists the tax-the-rich funding option as “IMPOSSIBLE.” [Source: Fox News]
You read that right, it would be impossible. In fact, just trying to fund Medicare for All would leave every other government program underfunded.
It gets worse. To pay for Medicare for All, it would require a shocking spike in taxes. That includes a 32% payroll tax increase, a 25% income surtax, and a 42% value-added tax. That means you will be losing a much bigger chunk of your paycheck—all to pay for the healthcare of other people!
Sanders is forced to admit that taxes will go up, but he claims that your costs will go down because you won’t be paying for private insurance anymore. Because, you know, he knows exactly how much you’re paying for insurance right now. Hey idiot! A competitive insurance market means better service at lower prices. That means Americans can find cheaper plans that still cover their needs. Medicare for All would destroy that with a one-size-fits-all model that is doomed to fail.
Here is another scary thought: the study found that the only way to keep the massive budget for Medicare for All down is to make it “less ambitious.”
“While the financing options above are quite large in magnitude, they could be reduced significantly by reducing the cost of ‘Medicare-for-All’ itself,” the report says. “These cost reductions could be achieved in part by reforming or reducing provider payments, improving care coordination, and identifying policies to reduce excessive utilization of care.” [Source: Fox News]
That’s fancy talk for cut backs. That will happen anyway. To handle the massive surge of patients (including illegal aliens), the government will simply deny you care or scale back what you get. That’s what “excessive utilization of care” means. They will stop providing you with life-saving medications, surgery, or coverage.
How nice. A program that was supposed to provide care for everyone will end up denying care for millions.
Let’s see Sanders or Warren explain their way out of that.