Senator Bernie Sanders’ Medicare for All proposal has come with a brand new set of woes. Experts have routinely assessed the proposal as a behemoth of government spending, but new light is being shed on the real cost of Sanders’ health care overhaul.
An analysis by the Wharton School of Business of the University of Pennsylvania has reported that the GDP of the United States would shrink as much as 24% by 2060 if his Medicare for All bill were to be passed by Congress today.
The Ivy League institution famous for having President Donald Trump among its alumni reported, “the negative effects of larger deficits on labor supply, capital accumulation and GDP would significantly outweigh the positive effects on the economy that come from a larger and healthier workforce.”
The report also claimed that the rate of uninsured under the current system ushered in by Obamacare would actually climb to 27% by 2060. The rate currently sits at 10%, although the report concedes that under Sanders’ plan, the rate of uninsured would drop to zero.
Still, proponents claim that the economy would actually improve, freeing citizens from billions, if not trillions of dollars in medical debt that was supposed to be alleviated by the 2010 passage of Obamacare. However, with a $31 trillion dollar price tag and catastrophic job loss forecasts, as well as the serious bankruptcy of Medicare and the constitutionality of the measure, it is unlikely that Sanders’ Medicare for All proposal will ever see the light of day in Congress.
This article was originally posted on Red Tea News.
