Alexandria Ocasio-Cortez’s successful primary campaign against New York Democrat Joe Crowley (D) appealed to young voters with promises of free college tuition and free healthcare – naive ideas she no doubt picked up when she worked for Vermont Senator Bernie Sanders.
Bernie Sanders, whose socialist ideas gained traction during his failed presidential bid, wants to expand Medicare to cover all US residents without copays or deductibles.
According to a recent report from the Koch-funded Mercatus Center at George Mason University, Sanders’ “Medicare for all” plan would increase government healthcare spending by more than $32 trillion over the next decade. Annual government spending would be between $2.5 trillion and $3 trillion.
Sanders describes the report as “biased” and “grossly misleading” and insists that “if every major country on Earth can guarantee healthcare to all, and achieve better health outcomes, while spending substantially less per capita than we do, it is absurd for anyone to suggest that the US cannot do the same.”
As noted in the report, Sanders’ plan would require massive tax increases that would in some cases cost more than today’s insurance premiums. “There are going to be a lot of people who’ll pay more in taxes than they save on premiums,” explains health policy expert Kenneth Thorpe.
And while Sanders’ idea would save money on drugs and administration, it would also transform the size of the government and fuel an increased demand for healthcare.
Taking into account current government healthcare financing and the 30 million uninsured Americans who would qualify for the new program, the study estimated that doubling all federal taxes would not cover the additional costs.
Sanders’ proposal also requires hospitals and doctors to accept lower payments, which could lead to a mass exodus of medical professionals.
Author’s Note: If implemented, Sanders’ “Medicare for all” plan would significantly increase the national debt and cause hyperinflation that would require us to print more money. And that means we follow the path of Venezuela.
Editor’s Note: We have a large national debt right now. We have to borrow money to fund our government and we have to pay interest on that debt. If we were foolish enough to implement the socialist plan Bernie Sanders advocates, there is not enough money available to borrow to provide for such a program. The only solution would be for the treasury to print money. Printing money on that scale would lead to hyperinflation that would put even America’s powerful economy in ruins.
Help the poor? No, it would make them poorer.
What about the rich? The smart ones would move their money and resources out of America. Or just function in a smaller economy, perhaps with cryptocurrency as a means to isolating themselve from such a stupid government path.