Ever wonder just how much the Bernie Sanders healthcare plan would cost American taxpayers?
According to a nonpartisan study that was conducted by the Tax Policy Center and the Urban Institute in Washington, it would cost the federal government $33 trillion over the next decade.
But the thing is that Sanders says his plan will only cost $18 trillion. That aside, he’s only added $15 trillion in new taxes to help pay for this. This would leave a shortcoming to the tune of $18 trillion over the next decade.
The goal of the national healthcare plan is lofty and utopian. It would give every American a high-benefit public healthcare system. This sounds great in theory, but is rarely as palpable when applied in reality.
For example, Canada’s national healthcare plan results in an average of 18.2 weeks to see a specialist. By comparison, England’s healthcare system has similarly lengthy waiting times as well.
In American cities, the average wait time is just 18 days.
Sanders has said that Americans would receive benefits worth an average of $13,000 per year, but would only pay $4,500 more in taxes.
To pay for it, he plans to hike taxes on the wealthiest families in the U.S. But it would not be nearly enough to pay for his program in the long run, now estimated at over $33 trillion for the next decade of care. With a funding shortcoming of $18 trillion, we’d be borrowing money left and right to fund our healthcare system.
To pay for the plan, experts say that the households with income of over $10 million per year would have to be taxed at 54.2%, with capital gains taxes near the 60% marker.
While Sanders has an idealistic goal, finding the money to actually pay for it without drowning our nation in more debt is unrealistic.
This is not even considering the more than 2 million health insurance workers that would be displaced when Sanders shuts down the major insurance carriers.
What’s more, this is also not factoring in closing down the major health insurance companies in the U.S., too, and what effects that would have on our economy as a whole. Not to mention that they’d fight tooth and nail for their existence and that congress would side with them over Sanders.
The privatized health insurance industry is estimated as an $884 billion annual business in the U.S. What Sanders proposes is a great idea. But it’s unlikely to ever become a reality even if we were to be elected.