Posted on 02/02/2020 6:27:17 PM PST by karpov
According to analysis by the Penn Wharton Budget Model (PWBM), Medicare for all (M4A) could shrink U.S. GDP by as much as 24% by the year 2060, depending on how it is financed.
Despite this hit to economic growth, the plan proposed by presidential candidate Bernie Sanders (I-VT) isn’t without benefits. According to the analysis, Medicare for all would improve population health overall, increasing life expectancy by roughly two years, grow the population of the United States by 3%, and boost worker productivity. The share of the population that is “seriously ill” would also decline, from 15% to 13%.
But, the model warns, if the plan is deficit-financed — paid for by government borrowing — “the negative effects of larger deficits on labor supply, capital accumulation and GDP would significantly outweigh the positive effects on the economy that come from a larger and healthier workforce.”
Study author Kent Smetters told Yahoo Finance that if financing of Medicare for all were changed, the plan could “be something that increases GDP.”
Under current law, the analysis found, the uninsured population of the United States will increase from 10% to more than 27% by 2060. If Sanders’ Medicare for all plan were enacted, the uninsured rate of Americans would drop to zero.
With a healthier population, the study notes, Medicare for all would “improve longevity, worker health, and population size.” Depending on the financing of the plan, worker productivity and wages could also get a boost.
“M4A creates an immediate boost to wages and a broadening of the federal income tax base, resulting in higher federal tax revenues,” the report noted. “In the long run, however, this effect can be overtaken by economic effects of different financing options.”
(Excerpt) Read more at news.yahoo.com ...
National Democratic Socialists Unite!
You have nothing to lose but your pains!
( idiots)
This, along with nationwide rent control and nationalization of energy production should help him win in Venezuela.
These articles didn’t come out when Warren was pushing her plan but she is part of the establishment. The establishment is trying to sink Bernie.
Ok. And the average asswipe American is supposed to understand what that means?!?!?! With no economics or history classes thru the average dipshits education and the GDP has some f’n meaning?!
Does anyone think this matters to Bernies Bros?
What manner of force do they plan to implement on those not willing to comply?
And they still couldn’t dismiss their student loans.
Oh my....
In general it means that everything goes into depression. Everything.
There projections about benefits are pie in the sky. Medical care would plummet, rationing and delays would worsen outcome just as they have in every other socialized medical system. Cost over runs would double or triple the projected figures.
Exactly. As it always has.
How much does it cost a family of 4 per year?
It will be whatever you get. You will be given credits at the government store.
And a lot more of it would be going to the government.
Nope. They want to burn it all down and have everyone as miserable as them.
Make America Venezuela.
“The share of the population that is “seriously ill” would also decline, from 15% to 13%.”
Well that is true, dead people don’t need health care
Hell, we’re all dead in ten years, so what’s the difference?
In many capital cities throughout America, insurers are among the biggest employers. I’m not saying their jobs should be protected at all costs, but I will say a lot of Democrat politicians know this, know that getting (buying off) insurer support was essential to getting Obamacare passed and do not want to actually shake that tree under any circumstances.
They don’t know the half of it. They think the ‘plan’ won’t change many other aspects of government between now and 2060? They will probably end up raising the Social Security retirement age to something closer to 80 years old. And they will print money like there is no tomorrow once they realize that they cannot sell any more debt. Inflation will skyrocket, interest rates will go back to double digits.
There are ways to fix many of these problems they cite using the free market instead of government central planning. As anything it is in part a supply and demand problem. Increase the supply of available healthcare and prices will drop.
Is that 24% below the current level, or 24% below whatever the level would have been 40 years in the future? Big difference.
Also, 40 year numerical economic predictions are hard to take seriously.
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