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]
Last summer, MD/journalist Elisabeth Rosenthal's husband had a bike accident and was seriously injured and taken by ambulance to an emergency room.
According to Chipotle Mexican Grill CEO Brian Niccol, when their restaurant workers call in sick, they might have to talk to a nurse to make sure they’re not fibbing. “We have nurses on call, so that if you say, ‘Hey, I’ve been sick,’ you get the call into the nurse,” CEO Brian Niccol said last […]
You might know someone who can make a pipe out of any conceivable household object. But if they’re doing it every time they smoke, it might be time to get them a little Christmas present. And we’ve got just the thing: The Twisty™️ Glass Original Combo Pack, priced way, way down for December. If you’ve […]
With all the revolutionary tech that’s out there, it’s pretty sad that finding a simple stud in your wall can feel like dowsing for water. This can be equally true whether you’re using a magnetic finder and it’s reliance on “feel,” or an electronic unit that can give fuzzy readings (especially when the batteries are […]
Do you have any Star Wars fans on your list? Given the reach and output of its new corporate masters these days, it might be easier to ask if there’s anyone out there who isn’t a Star Wars fan. So let’s narrow it down further: Do you know a Star Wars fan who likes to […]