We now know that Elizabeth Warren’s overhaul of our healthcare, famously known as “Medicare for All” is going to cost $52 trillion. She has finally released her plans as to how we would pay for this massively expensive endeavor. She insists that taxes will not be raised on the middle class. For the longest time she actually dodged this question by reporters and in the Democratic Debates. Instead of answering the question directly she would reflect by simply saying that, “costs will go down.” Perhaps she should have used the words of the late George H. Bush who said, “Read my lips, no new taxes!” From an economic standpoint alone her numbers just don’t add up without a massive inflow of revenue. The ONLY source of revenue to the federal government is tax revenue and there are not enough of the wealthy to fund her healthcare program much less the other social programs she proposes. Taxes MUST be raised on everyone to pay for her proposal regardless of what Warren promises. Unless you are a newly enfranchised voter everyone realizes that politicians can promise anything to get elected but it is another thing to deliver on those promises. We know that her single payer healthcare will eliminate millions of jobs in the health insurance industry since all private insurance would be terminated. When Warren was asked about all those potential job losses she suggested that they could sell life insurance. The chaos and disruption within the healthcare insurance marketplace alone would result in a recession. Warren and Sanders both want to apply the “Robin Hood Principle” of taking from the wealthy to fund their social programs. Many Democrats have demonized those with money even though they may have struggled and worked long hours to accumulate that wealth. I can assure you that Bernie and Elizabeth are far from destitute!
Economics aside, single payer will destroy the level of excellence in our current system of healthcare. Warren has already talked about all doctors being paid Medicare rates a fact that will discourage young men and women from entering medical school. Add to this the potential flood of doctors who will retire or leave the country and you will further aggravate an existing doctor shortage. With an aging population we are facing a future catastrophe. The single payer system will regulate prices of everything thereby stifling competition for new medicines and medical devices. Single payer will increase medical costs, not lower them as Warren suggests. With no competition (and no alternative) the single payer dictates all prices, costs and times. Wait times will skyrocket because the government limits access as a means of saving money. When has the government ever saved money?? When it comes to Warren and Sanders, a word of warning is in order; if it sounds too good to be true, then it probably isn’t true!