Elizabeth Warren has finally released the details of her Medicare For All plan to provide government-run healthcare for all Americans. Surprise, surprise, the price tag is extraordinarily high.
Democratic presidential candidate Elizabeth Warren’s long-awaited “Medicare-for-all” funding plan projects the government-run health care system would cost a staggering sum of “just under $52 trillion” over the next decade, with the campaign proposing a host of new tax increases to pay for it while still claiming the middle class would not face any additional burden.
“We don’t need to raise taxes on the middle class by one penny to finance Medicare for All,” Sen. Warren, D-Mass., said in her plan.
Instead of taxing the middle class, the plan claims, that $52 trillion will be covered by existing federal and state spending on Medicare and other health care as well as increased taxes on employers, financial transactions, the super wealthy, and large corporations, among other things.
Let’s be clear: despite Warren’s claim, her plan will absolutely cost the middle class. First, additional taxes on employers will be passed on to employees, likely through lower wages, because employers only have a finite amount of funds to pay for wages, taxes, and other expenses.
Second, there is no way to pay for a $52 TRILLION plan without raising taxes on everyone. For comparison, Bernie Sander’s Medicare-for-all plan is projected to cost $32 trillion and would include increased middle class taxes (though he claims the overall burden would fall: increased taxes would be balanced out by lowered health care costs).
In addition to the costs of her program, some people are wondering what all the people currently working in private health insurance are going to do once their jobs are eliminated. Her answer is ridiculous:
Q: Where do those who work in health insurance go when private insurance is eliminated?
Sen. Warren: "No one gets left behind. Some of the people currently working in health insurance will work in other parts of insurance. In life insurance, in auto insurance, in car insurance." pic.twitter.com/KGJ4Eg9VKR
— The Hill (@thehill) November 2, 2019
Uh, no. Warren clearly doesn’t understand how any of this works. Sure, they all contain the word “insurance,” but health insurance and other insurances are COMPLETELY different animals. I spent a few years working in insurance law, dealing with home and auto policies. Give me your car insurance policy and I can break down the nuances of any provision it contains, but I still cry with frustration every time I have to deal with my health insurance plan.
Also, what is going to happen to the auto, car, and life insurance industries so that there are suddenly hundreds of thousands of job openings for displaced health insurance workers?
I don’t know how anyone trusts a word coming out of this woman’s mouth.