Warren Agrees Medicare-for-All Could Result in Major Job Losses

Grant Boone
November 1, 2019

Senator Elizabeth Warren said Friday that she said would fund her universal health care plan known as "Medicare for All" without raising taxes on middle-class Americans "by one penny", seeking to put to rest questions about how she'd pay for her signature domestic proposal.

It marks a significant contrast with her rival Sen.

Vermont Sen. Bernie Sanders speaks to a crowd outside the State House on Thursday.

Warren projects the government-run Medicare-for-all health care system would cost a staggering sum of "just under $52 trillion" over the next decade, with the campaign proposing a host of new tax increases to pay for it while still claiming the middle class would not face any additional burden.

"Joe Biden refuses to raise middle class taxes or jeopardize the progress we've made with the Affordable Care Act".

Further, it would increase taxes on everyday Americans. Biden's camp is turning up the pressure on Warren as she rummages around for $30 trillion or so to pay for Medicare-for-all, something she has refused to go into detail about in debates.

Covering more people with more benefits for the same amount of money would require holding down the amounts paid to doctors and hospitals, limiting doctors to the amount now paid by Medicare and hospitals to slightly above current Medicare rates.

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Her plan is built on transferring to the government 98% of the $8.8 trillion she estimates that employers will spend on private insurance for their employees.

Instead of income tax hikes, Warren would cover almost half that cost by collecting $9.1 trillion in additional taxes from corporations and high-income families over the next 10 years. Several liberal economists have already warned the wealth tax might only generate a fraction of the revenue she envisions. Medicare is now the United States government's health insurance plan for individuals 65 years and older. The plan would replace private insurance, including employer-sponsored plans, with full Medicare coverage, and individuals would no longer have to pay premiums, deductibles, co-pays or similar out-of-pocket costs.

Her plan also calls for providing a "pathway to citizenship" for people in the country illegally, and increasing legal USA immigration, which she says will result in $400 billion in new tax revenue.

However, she will boost what had been a 3 percent wealth tax on people with over a billion dollars to 6 percent.

A new, annual capital gains tax would be billed to the richest 1% of Americans. Warren called for several trillion dollars of new taxes on financial firms and large corporations.

Senator Joe Manchin, the ranking Senate Democrat on the Energy Committee, hinted on Thursday that he may support Donald Trump in 2020.

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