HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Retired » Retired Forums » Democratic Primaries (Forum) » Senator Warren is Exactly... » Reply #8
Joe BidenCongratulations to our presumptive Democratic nominee, Joe Biden!
In the discussion thread: Senator Warren is Exactly Right [View all]

Response to Kid Berwyn (Original post)

Wed Oct 30, 2019, 06:37 PM

8. A dose of reality for Medicare-for-all

 




Now we have two more data points. The quite credible think tank, Committee for a Responsible Federal Budget, comes up with some options assuming a cost of $30 trillion over the next decade (a midway point in the range of estimates):

We estimate the cost could be covered with a 32 percent payroll tax, a 25 percent income surtax, a 42 percent value-added tax, or a public premium averaging $7,500 per capita or more than $12,000 per individual who wouldn’t otherwise be enrolled in Medicare, Medicaid, or CHIP. Medicare for All could also be paid for by more than doubling individual and corporate income tax rates, reducing federal spending by 80 percent, or increasing the national debt by 108 percent of GDP. Tax increases on high earners, corporations, and the financial sector by themselves could not cover much more than one-third of the cost of Medicare for All.


But you say, none of that is remotely feasible politically and would have all sorts of negative economic consequences.

Warren actually has an even harder task since CFRB does not exempt the middle class. Therefore, Warren cannot use “a 32 percent payroll tax, a 25 percent income surtax, a 42 percent value-added tax, or a public premium averaging $7,500 per capita” if they are going to hit the middle class to such an extent that it wipes out savings from removing insurance premiums, co-pays, deductibles, etc. This is the equivalent of trying to balance on elephant on the head of a pin.
If I were to vote in a presidential
primary today, I would vote for:
Joe Biden

Reply to this post

Back to OP Alert abuse Link to post in-thread

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 8 replies Author Time Post
Kid Berwyn Oct 2019 OP
DownriverDem Oct 2019 #1
oldsoftie Oct 2019 #2
Kid Berwyn Oct 2019 #4
Turin_C3PO Oct 2019 #5
oldsoftie Oct 2019 #3
Kid Berwyn Oct 2019 #6
oldsoftie Oct 2019 #7
LineNew Reply A dose of reality for Medicare-for-all
Gothmog Oct 2019 #8
Please login to view edit histories.