WASHINGTON, DC – “Understand this. This is no increase in taxes for anyone except billionaires,” leading Democratic presidential candidate Elizabeth Warren said of her $52 trillion (⁉) Medicare for All plan. “Period. Done.”
One-size-fits-all, government-run, Medicare for All, this campaign rhetoric is replacing reality. As Energy and Commerce Republican Leader Greg Walden (R-OR) said of the signature Democrat health care proposal, “When you expose it for what it is, then they lose their political talking point.” Maybe that’s why Democrats refuse to hold a hearing in the Congressional committee that writes America’s health care laws?
It’s time for a reality check. Warren’s $52 trillion proposal will rip private health insurance away from Americans; rip jobs away from hardworking people; and rip off the middle class Americans who were misled to believe they will not pay for this plan.
Here are five reasons why Americans will pay the Medicare for All bill.
1 – 158 million Americans would be forced off private insurance: About 158 million Americans get health insurance through their employer (CBO). Warren’s Medicare for All plan would end all private insurance.
2 – 2 million jobs will be lost: Elizabeth Warren admitted that her plan would eliminate approximately 2 million jobs in the health care industry. Warren’s response to those Americans who will lose their jobs? “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, some will work for Medicaid.” That’s reassuring.
3 – 32% payroll tax: As Axios reported, a new analysis by the Committee for a Responsible Federal Budget (CRFB) found that a new 32% tax on wages is one of the ways to pay for Medicare for All.
4 – 42% value-added tax: But if a new payroll tax doesn’t sound appealing, don’t worry! As the CRFB analysis also found, a 42% value-added tax on consumption is another way to pay the bill. Americans just need to choose which new tax they like the most.
5 – $52 trillion plan will not pay for itself: Doubling federal individual and corporate taxes would be insufficient to cover the Bernie Sanders plan, which *only* costs $32 trillion. Warren’s claim that only billionaires will foot the bill for a $52 trillion plan is absurd.
Bottom line: “No matter how you cut the numbers, there is absolutely no way to pay for Medicare for all without tax increases — or spending cuts — on the middle class,” CRFB told POLITICO.
Democrats need a reality ✅.