Medicare For All Would Wipe Out Jobs, Pensions, and 401(k)s

Townhall | 7/3/2019 | Staff
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Democratic Debates: Did Russia Pay These Candidates to Throw the Election to Trump?

Donald Trump famously made "You're fired!" a household catchphrase. It may re-enter the American vernacular if the likes of Senators Bernie Sanders, Elizabeth Warren, or Kamala Harris take the White House.

Sanders - Warren - Harris - Kirsten - Gillibrand

That's because Sanders, Warren, and Harris -- along with Kirsten Gillibrand and Cory Booker, who are also competing for the Democratic presidential nomination -- all support a brand of health reform that would wipe out millions of jobs. And that's Medicare for All.

Sanders introduced a new iteration of his Medicare for All bill earlier this year; Warren, Harris, Gillibrand, and Booker have signed on as co-sponsors. The bill would abolish private health insurance and enroll all Americans in a single, government-run health plan.

Plan - Drive - Bargain - Doctors - Hospitals

A single government-run plan can in theory drive a harder bargain with doctors, hospitals, and other healthcare providers. Medicare for All envisions paying providers at Medicare's rates, which are generally lower than those paid by private insurance.

But Medicare doesn't pay hospitals enough to cover the cost of existing beneficiaries' care. For every dollar hospitals spend on Medicare beneficiaries, they receive just 87 cents from the government.

Healthcare - Providers - Difference - Insurers - Medicare

Healthcare providers currently make up the difference by charging private insurers more. Medicare for All would abolish them, of course. To balance their books, providers would have little choice but to reduce their costs.

That means layoffs -- or closing up shop altogether. According to a new report from JAMA, a medical journal, hospitals would eliminate up to 1.5 million clinical and administrative employees under Medicare for All. Dozens of hospitals, especially those in rural areas, would shut down. That would remove the biggest employer from scores of communities across the United States.

Effects - Economies - Firms - Hospitals - Clients

The effects would ripple through local economies. All the firms that counted on those hospitals as clients --...
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