The big-picture impact of Medicare for All
Medicare for All is forecast to cost $52 trillion over 10 years, which is over $5 trillion per year. That is more than the entire federal budget of $4 trillion per year. How will we raise all that money? Even if you doubled the taxes on all corporations (large and small) and double the taxes on the "wealthy" making more than $200,000 per year, that would raise a total of $11 trillion, $41 trillion short. Where will the remainder come from? It will have to come from the middle class and the low-income citizens ... a huge tax increase.
Next, not only will this MFA result in the largest tax increase for everyone, it will result in the elimination of 2,000,000 health care industry jobs.
In summary, the out-of-pocket cost and taxes will go up; there will be large job cuts; there will be less dollars for medical R&D; a high probably for the closure of hospitals and clinics; doctor shortages; little or no doctor choice and extended wait lines. The unintended consequences from this major decrease of money in the capital markets and the decrease in employment will result in a recession.
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