American Consequences - September 2018

MEDICARE FOR ALL will crash the economy

4% income tax... as well as a potential “wealth tax” on folks above a certain net-worth threshold. There’s absolutely no evidence that government- run health care would improve the quality of medical services here in the U.S. In fact, the only thing it would unquestionably do is contribute even further to our country’s weak financial footing. According to research from the Peter G. Peterson Foundation, Medicare/Medicaid is already one of the key drivers of our nation’s debt. But our federal Yet even so, this crazy idea already has the support of as many as two-thirds of Americans. Among millennials, 69% of the generation supports a government guarantee of health insurance for all. Which is why I think Medicare for All will be such an important tool leveraged by progressive Democrats in the 2020 election. Of course, this wouldn’t be the first time a broad-reaching welfare program like this was implemented in America... After the Civil War, hundreds of thousands of American widows or orphans were struggling to get by. A Civil War pension program passed in 1862, providing heirs with checks based on what the deceased veteran was making. government is already 100% tapped out. Not a penny is available for a program like this.

Then came the Great Depression, which left more than half of the elderly population in poverty. Upon winning the Democratic nomination in the 1932 presidential election, Franklin D. Roosevelt proposed a “New Deal” that ultimately created Social Security to help retirees. You may remember when President Lyndon Johnson declared “unconditional war” on poverty in the 1960s. He created the modern welfare system of Medicare and Medicaid... expanded Social Security benefits... and the food-stamps program. But our federal government is already 100% tapped out. Not a penny is available for a program like this. We’ve already had to borrow nearly $1 trillion in 2018 just to cover the federal government’s spending. We’re adding more and more every year to the $21 trillion in outstanding U.S. government debt. Within five years, the interest alone on the debt will eclipse the massive amount of money we spend on the U.S. military. There’s simply no more money available . That won’t stop the progressive promises. But it will be a huge, huge hit to the economy. It will crush businesses and the stock market, and have far-reaching impacts on the way of life we’ve enjoyed for decades. And it’s coming... whether you’re ready or not.

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