Democrats are actively embracing a controversial new socialized medicine plan, nicknamed “Medicare for All.”
But according to a study conducted by the Mercatus Center of George Mason University, the plan will come at an eye-popping cost of $32.6 trillion in just ten years–which is nearly double the entire country’s annual GDP.
Considering the federal budget is already roughly $3 trillion per year, taxes would have to more than double in order to pay for the plan.
“Medicare for All” was set forth by socialist Sen. Bernie Sanders (I-Vt.) and backed by other White House hopefuls like Sens. Kamala Harris (D-Calif.) and Elizabeth Warren (D-Mass.)
Under Sanders’ plan, it would require the government to pay for all copays and deductibles–basically, a guarantee of free medical services for all.
While the Mercatus study is just a projection, more localized socialized medicine plans have also faltered in both Vermont and California due to the incredible cost.
In 2014, Vermont tried to pass a single-payer system, but Democratic Gov. Peter Shumlin eventually realized that the crippling 11.5% payroll tax and 9.5% tax on individual incomes would be disastrous for the local economy.
Likewise, in 2017, the Democratic supermajority in California’s legislature was also unable to pass socialized medicine–after it was revealed that the plan would triple the state budget.
The latest study from Mercatus shows that Democrats should think twice before forcing such an expensive plan on the American taxpayer.