Giving Compass' Take:

· Charles Blahous takes a look at the proposed 'Medicare for All' bill and its potential impact and cost to the federal government and Americans.

· Would this bill provide the same quality of care as those with private insurance? How would it affect the healthcare market?

· Read more about 'Medicare for All' and government-run healthcare.

Many Members of Congress and presidential candidates, including Senators Bernie Sanders, Elizabeth Warren and Kamala Harris, have embraced “Medicare for All” (M4A), the catch-all phrase used to describe proposals that would replace our current blend of private and public health insurance with a single-payer system run by the federal government. This month provided two opportunities to learn more about the implications of M4A, one a hearing of the House Rules Committee, the other a report issued by the Congressional Budget Office (CBO). I was privileged to be a commenter on the draft CBO report as well as to testify at the committee hearing. Below are some of the key findings from the hearing and the report.

New federal costs under M4A would be unprecedentedly large.

I estimated in my testimony that new federal budget costs would be somewhere between $32.6 trillion and $38.8 trillion over the first 10 years of M4A. These large numbers represent just the additional federal costs above and beyond currently projected federal spending. Total federal costs of M4A over the first ten years would be much higher, somewhere between $54.6 trillion and $60.7 trillion. This increase in federal spending would be of such a magnitude that even doubling currently projected individual and corporate income taxes would be insufficient to finance it.

Read the full article about Medicare for All by Charles Blahous at Economics21.