Doubling income taxes and corporate taxes couldn’t pay for Medicare for All according to Senior Research Strategist at the Mercatus Center at George Mason University, Charles Blahous. He gave the bad news to the House Rules Committee on Tuesday.
He said the estimated cost of Medicare for All would be between $32.6 trillion and $38.8 trillion in new costs over the first ten years. If things follow historical trends, it will be closer to $38.8 trillion, he said.
“Now obviously such enormous numbers are very difficult to grasp. We’re talking about 11 to 13 percent of GDP in 2022, rising to 13 to 15 percent of GDP in 2031 being added to the federal ledger,” he added.
He also explained that historically the USA has not had experience with government expansions of this size.
That’s because it’s communism!
Doubling income and corporate taxes wouldn’t even cover the lowest estimates
Doubling taxes wouldn’t cover the lower-end estimate and all the estimates don’t even include all the costs.
“So, to provide a sense of the magnitudes, the study notes that doubling all currently projected federal individual and corporate income tax would be insufficient to finance even the lower bound estimate of $32.6 trillion,” he said. “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.”
“Total federal spending on Medicare for All over the first ten years would be somewhere between $54.6 trillion and $60.7 trillion,” Blahous said.
Social Security and Medicare will be bankrupt by 2033., and probably sooner with the Democrats wanting to give it away to any foreigner who happens upon our shores illegally.