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]
In 2013, Propublica published an incredible story revealing how pharma giants laundered bribes to doctors in exchange for commitments to prescribe their expensive, proprietary and often dangerous products.
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Kansas is a living laboratory for far-right experimentation with extreme economic cruelty: a state where Medicare expansions were thwarted, where xenophobia has penetrated the state bureaucracy, where a grifty, incompetent lawyer has apologized for slavery and driven women out of his own party, even as neighboring states thrive by tending to the needs of working […]
As much as vaping has taken over the market during the last decade, there’s still a lot of questions about the technology, as well as health concerns that we’re just now finding out about. One thing you can say about smoking: You know exactly what you’re getting, especially when it comes to pipes that you […]
We can’t all go through life with just a pair of sneakers and flip-flops. Sometimes, you have to invest in a pair of high-quality dress shoes. However, you’ve probably discovered that high-end footwear almost always comes with eye-popping price tags. You’ve got to compromise on second-hand or just suck it up and take out a […]
We have a theory about those throw blankets that are barely big enough to cover your legs. The only people who seem to make them or use them are grandmothers, and the blankets are only that small because Nana got bored halfway through the sewing job. Look, we’re sure she means well. But if you […]