The Koch-backed Mercatus Institute was humiliated last month when it published a scare story claiming that American couldn't afford the $32.6 trillion cost of universal health care for the next decade, a number that seems huge until you realize that the cost of privatized US health care over the same period will be $2 trillion higher.
Understanding the difference requires that you abandon the simplistic notion that a sovereign nation with its own currency is like a household with a credit-card; in Modern Monetary Theory, we think of money and debt in very different ways.
JD Alt's essay, How to Calculate the Costs of #MedicareForAll Properly, delves into good detail on how MMT would cost out Medicare for All, but really, here's everything you need to know:
The actual macro-economic bookkeeping for Medicare-for-all, then, is this:
1. Uncle Sam spends $3.3 trillion to pay for America’s health services;
2. U.S. families and businesses save $3.3 trillion by not having to spend it for their health-care;
3. The health-care industry earns $3.3 trillion by providing services;
4. The U.S. financial sector owns $3.3 trillion in treasury bond “savings accounts.”
How to Calculate the Costs of #MedicareForAll Properly [JD Alt/Naked Capitalism]
A man in Ireland repeatedly injected semen into his arm in the hopes that it would cure his back pain. He instead got a subcutaneous abcess and had to get professional help. [via Gizmodo] Drs. Dunne, Murphy and Rutledge report: A 33 year old male was seen complaining of severe, sudden onset lower back pain. […]
Editor’s Note: Richard Metzger is a connoisseur of cannabis, and recently started growing his own. He’s test-driving high-end rig good for small-scale grows from Cloudponics. This is not a sponsored post, Boing Boing is not getting anything from Cloudponics. Metzger’s just really *that* enthusiastic about weed, and spoiler alert, so far he likes the Cloudponics […]
The state of Tennessee pays doctor-contractors by the case to review Medicare disability claims, leading to a situation in which doctors review four or more cases per hour -- and kick profoundly disabled and terminally ill people out of the program. Tennessee leads the nation in denied disability claims.
For the newbie, Python can seem like the most intimidating programming language. After all, it can be used to create everything from simple apps to vast networks of web crawlers. But there are fundamental principles that underlie all the uses of this versatile platform, and you can absorb them all with the Python Master Class […]
Building a website on WordPress has always been easy. But if you really want to make your website stand out from the growing crowd, you’re going to need some help. For our money, a subscription to Storeshock WordPress Themes & Elements does the trick almost as well as having a pro designer by your side […]
These days, there isn’t much our iPhone camera can’t do – except feel like an actual phone. Despite years of steadily increasing resolution and image sensing technology, we’re still taking shots awkwardly with two hands, fumbling for the shutter button. Leave it to an avid photographer to design Shuttercase, a versatile iPhone case that solves […]