Elizabeth Warren released her much-anticipated Medicare For All plan Friday. It’s as awful and ridiculous as you might expect. Clocking in at around $52 trillion (yes that’s ‘trillion’ with a T), Warren promises her plan is the salve that will cure all the nation’s woes while simultaneously providing a tax cut, magically.
From Fox:
The Warren campaign’s detailed Medicare-for-all proposal, however, insists that the costs can be covered by a combination of existing federal and state spending on Medicare and other health care — as well as myriad taxes on employers, financial transactions, the ultra-wealthy and large corporations and some savings elsewhere. Those measures are meant to pay for a projected $20.5 trillion in new federal spending. Notably, they include what is essentially a payroll tax increase on employers, something economists generally say can hit workers in the form of reduced wages.Like Medicare-for-all’s chief Senate champion, fellow candidate Bernie Sanders, the Warren campaign argues that many of these costs already are being spent in the existing health care system by governments, employers and individuals in the form of premiums, deductibles and other expenses.However, unlike Sanders’ plan, Warren’s projects no new tax burden for the middle class. The Warren campaign claims those $11 trillion in individual costs would drop to “practically zero,” while the plan maintains and boosts a funding pipeline from other sources. The plan also carries a total price tag of “just under $52 trillion” over the next 10 years, or slightly less than cost projections for the current system. That factors in current and additional spending; new spending alone would be in the $20 trillion range, compared with roughly $32 trillion for Sanders’ plan.
There’s just no way:
Her explanation:
Sure! Let’s turn our health insurance over to the government. WHAT COULD POSSIBLY GO WRONG?
And to put these numbers in perspective, even the $11 T she’s casually tossing around, the combined net worth of the world’s 2,153 billionaires is only $8.7 trillion.
Fox News puts these massive price tags in perspective:
- Total annual U.S. corporate profits: $2.08 trillion
- Combined net worth of the world’s 2,153 billionaires: $8.7 trillion
- Total U.S. national debt: $22.9 trillion
- Total value of the U.S. stock market: $32.3 trillion
- Total value of all U.S. homes: $33.3 trillion
- Total spending on health care in the United States from 1960 to 2017: $59.6 trillion
- How much revenue (taxes) the U.S. government has received in its history: $76.7 trillion
- Total world combined GDP: $86.6 trillion
- How much the U.S. government has spent in its history: $91.7 trillion
She’s looking at spending more than half the world’s combined GDP. There is just no way. And we haven’t even factored in how trillions of new taxes on employers would cause job losses, wage stagnation, and labor hours cut to offset astronomically high taxes.
Joe Biden’s campaign is absolutely right on this one:
Indeed, the Joe Biden campaign said the “unrealistic plan” would leave only two options: “even further increase taxes on the middle class or break her commitment to these promised benefits.””The mathematical gymnastics in this plan are all geared towards hiding a simple truth from voters: it’s impossible to pay for Medicare for All without middle class tax increases,” Deputy Campaign Manager Kate Bedingfield said in a statement.
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