A new report from the bipartisan watchdog group Committee for a Responsible Federal Budget demonstrates just how far federal officials are willing to go to institute universal government-run healthcare.
The report investigates the various ways the federal government could pay for $30 trillion cost of "Medicare-for-all" over the next ten years.
Turns out, taxing "the rich" won't even come close.
"There is not enough annual income available among higher earners to finance the full cost of 'Medicare-for-All,'" it says. "On a static basis, even increasing the top two income tax rates (applying to individuals making over $204,000 per year and couples making over $408,000 per year) to 100 percent would not raise $30 trillion over a decade."
Here are the options, according to Fox News:
- A 32 percent payroll tax increase. This would raise the tax rate to 47 percent on most wage income.
- A 25 percent income surtax. This would force the lowest federal income tax rates to 35 percent and compel the top earners to pay 62 percent of their income.
- Cut non-health federal spending by 80 percent. This would require cutting Social Security benefits from approximately $18,000 to about $3,600 each year and cutting troop numbers from 1.3 million to 270,000.
- Let future generations pay for it. This would finance Medicare-for-all by increasing the national debt, a move the report says would have dire consequences:
"Deficit-financing 'Medicare-for-All' would be far more damaging to the economy," the report says. "Assuming that such a massive increase in the debt would not roil financial markets or lead to high inflation, we estimate that a 108 percent of GDP increase in the federal debt would shrink the size of the economy by roughly 5 percent in 2030 – the equivalent of a $4,500 reduction in per-person income – and far more in the following years."
Our federal officials are willing to bankrupt future generations, tax our citizens into the ground, or slash our military to gain more control over the daily lives of We the People. As as federally-run VA hospitals so tragically demonstrate, Medicare-for-all won't even improve quality of care.
Fortunately, the Founders gave us a way to fight back against these and other D.C. power-grabs. An Article V Convention of States is called and controlled by the states and has the power to propose constitutional amendments.
These amendments, once ratified by 38 states, can prohibit the federal government from legislating and spending money on anything not expressly mentioned in our founding document. With such amendments in place, the people and the states will be free to pursue the healthcare options that make the most sense for their local communities, and the federal government will never again threaten to destroy our economy for the sake of political gain.
Sign the Convention of States Petition below to get involved!
