Elizabeth Warren on Friday proposed $20 trillion in federal spending over the next decade to provide health care to every American without raising taxes on the middle class, a politically risky effort that pits the goal of universal coverage against skepticism of government-run health care. She joins us from - where else?
Taken together, these proposed tax changes would raise marginal and effective tax rates on high-earning and high-net-wealth taxpayers, increase the cost of capital, and reduce the competitiveness of the USA tax code. And a serious diagnosis can financially ruin a middle-class family even if they have insurance. And thanks to getting rid of all the waste in the system, we can offer top-of-the-line care for all 331 million people in the USA for LESS than what we'll pay if we do nothing to fix our broken system now.
That plan includes roughly $20 trillion in new federal spending over the next decade but claims the money can come largely from taxes on employers, financial transactions, the ultra-wealthy and large corporations. Microsoft co-founder Bill Gates, whose estimated net worth is around $106 billion, would pay nearly as much as Jeff Bezos, approximately $6 billion.
"Some of the people now working in health insurance will work in other parts of insurance - in life insurance, in auto insurance, in vehicle insurance, some will work for Medicaid", she said.
-Taxes on Additional Take-Home Pay: What employees now contribute to their job-based health insurance would come back to them as higher pay. If all that's not enough, the senator also aims to cut a defense budget item - Overseas Contingency Operations - that's essentially served since 9/11 as a placeholder for extra spending on foreign wars.
"I think [loss of jobs] is part of the cost issue and should be part of a cost plan", she said. Finally, she aims to use already-proposed legislation to force American drug prices to fall more in line with worldwide prices - and if that fails, she has ready-to-go bills to start overriding pharmaceutical patents and use public funds to sponsor drug research directly. What would this plan look like? Obamacare made health care skyrocket, so she wants to replace it with Medicare For All, a plan that has a $52 trillion price tag over the next 10 years.
Mr. Green said Ms. Warren now has "the most fully-baked Medicare For All proposal out there". She describes Medicare for All as a "long-term goal" four times and reminds readers that it likely won't happen in a single term: "it is possible to eventually move to a Medicare for All system", the document says. How are you going to pay for this?
GREENE: OK, so now she's come out with these details. The Massachusetts senator and her supporters would argue that pragmatism and a misplaced sense of what's possible are the enemies of substantive progress. And, I mean, Medicare for All - it's something that has gotten more popular recently. "But you can do this big kind of change if you do it properly". Warren's team also says there would be ways to ensure that vulnerable hospitals, like those in rural areas, would get paid more, so they could stay in business.
"The mathematical gymnastics in this plan are all geared toward hiding a simple truth from voters: It's impossible to pay for Medicare for All without middle class tax increases", Biden deputy campaign manager Kate Bedingfield said in a statement. The other question for me, David, to hear from voters is whether or not some of them will be skeptical about this notion of getting something for free. There would be no co-pays, deductibles and premiums - and no private insurance.