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Sen. Bernie Sanders, I-Vt., has introduced a bill that would provide "Medicare for All."
His plan has a number of parts but ultimately rests on a huge mathematical lie.
First - Bernie - Bill - Vision - Care
First off, Bernie's bill would add dental and vision care to Medicare while giving government greater responsibility for paying incidental costs. That's going to be very expensive, because even without those added benefits Medicare is already extraordinarily expensive. A September 2015 study by respected economist, C. Eugene Steuerle, showed that the existing cost curve is already out of control. Take Steuerle's chart below.
The data shows that an average-earning couple turning 65 in 2030 will have paid $179,000 in Medicare taxes but will receive $621,000 in benefits before dying. That's a difference of $442,000. But as the chart's final column notes, based on current benefit trends, were that same couple to turn 65 in 2050, they would have paid $227,000 in Medicare taxes and consumed $965,000 in benefits. That's a not so small difference of $738,000.
Bernie - Model - Benefits - Nation - People
Now consider that Bernie wants to apply this model, with more generous benefits, to a nation of 325 million people from birth to death. Show me how those sums add up, and I'll fly you to Neverland.
This mathematical incontinence brings me back to Bernie's tweet on the middle class impact of his...
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Measuring his life out one teaspoon at a time.