By John McClaughry
Last Wednesday Vermont Sen. Bernie Sanders unveiled his latest version of “Medicare for All,” his scheme for single-payer health care. He estimated it could cost up to $40 trillion over 10 years, which blows past the $32 trillion estimate outsiders calculated after Sanders first began peddling his plan.
Previously, Sanders admitted that he would raise taxes across the board to pay for this government power grab, but now that he’s upped the price he’s downplaying that broad tax increase and focusing on the rich paying more.
As Mark Alexander of Patriot Post observes,
“This massive sum of $40 trillion only exposes Sanders’s apparent ignorance of basic economics.
“Forty trillion over ten years is an average of four trillion per year. Does anyone recall what the entire budget of the United States federal government was for 2018? It was 4.094 trillion dollars. So Sanders is casually talking about expending the equivalent of our entire budget on his health care plan.” At the same time he’ll outlaw (private health insurance and wipe out that entire industry.”
Nevertheless, Sanders insists that his plan is not “absurd,” asserting, “What the most serious economists tell us [is] that if we do nothing to fundamentally change the health care system, which is what Joe [Biden] was talking about, keeping it as it is, we’ll be spending something like $50 trillion over a 10-year period.”
This sugars off to the typical socialist promise “health care, no matter what the cost.”
John McClaughry is vice president of the Ethan Allen Institute. Reprinted with permission from the Ethan Allen Institute Blog.