Expert: Doubling Income Taxes Wouldn't Cover "Medicare for All" Costs

 

George Mason University's Charles Blahous spoke before the House Rules Committee about "Medicare for All," which has been proposed by Bernie Sanders with a number of Democrats supporting it. Blahous estimated the cost is between $32.6 trillion and $38.8 trillion.

He told the committee “now obviously such enormous numbers are very difficult to grasp...We’re talking about 11 to 13 percent of our GDP in 2022, rising to 13 to 15 percent of GDP in 2031 being added to the federal ledger."

He pointed out that “doubling all currently projected federal individual and corporate income taxes would be insufficient to finance even the lower bound estimate of $32.6 trillion.Now, to be clear, these would not be the total costs of Medicare for All. These would the federal government's net new cost above and beyond currently projected federal health obligations."

He added that “total federal spending on Medicare for All over the first ten years would be somewhere between $54.6 trillion and $60.7 trillion.”

Michael Berry

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