“An estimated cost of $32.6 trillion over 10 years is less than the US would spend over the next 10 years under the current system.
A single-payer Medicare for All system would reduce the amount the U.S. spends on health care by more than $2 trillion, a Koch brothers-funded study released Monday found.
Research by the Mercatus Center at George Mason University — a libertarian think tank backed by the Koch brothers — projected that the Medicare for All plan championed by Sen. Bernie Sanders (I-VT) would cost the government $32.6 trillion over 10 years. The highly critical report found that even doubling all federal individual and corporate income taxes would not cover the costs of Sanders’ Medicare for All plan.
The study did conclude, however, that Medicare for All would result in significant savings for the government because of lower prescription drug costs, saving $846 billion over the next decade. Streamlined administrative costs under the plan would save another $1.6 trillion, the researchers at the Mercatus Center found.
When we talk about a Medicare for All system, it’s important to discuss the costs in the context of what the U.S. already spends on health care. …..”