Joe Biden Hits Elizabeth Warren’s Medicare For All Plan

Sean Rayford  Getty Images

Sean Rayford Getty Images

Ben Sasse, R-Neb., on Friday in response to Democratic presidential candidate Elizabeth Warren's written explanation of her "Medicare for All" plan.

Stronger enforcement of tax fraud and evasion laws could generate about $2.3 trillion, she said.

"They are making more aggressive assumptions about the same things we already made aggressive assumptions about", said John Holahan, an economist at the Urban Institute who co-authored a recent cost analysis that the Warren campaign is using as a starting point for its estimates.

If the program fails to raise $8.8 trillion, Warren says she'd make up the difference by imposing a supplemental contribution requirement for big companies "with extremely high executive compensation and stock buyback rates".

It would mandate that employers pay the government the same amount that they now contribute for private health insurance for their employee. Under a plan released Friday morning, the MA senator and 2020 Democratic presidential candidate goes further: Middle class Americans would no longer pay health premiums or copays, and would also not pay any taxes to replace those costs. She instead argued that costs would go down for those families under a single-payer system that would eliminate their co-pays and premiums.

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In this October 21, 2019, photo, Democratic presidential candidate Sen.

Amidst a massive surge in debates and rallies, Warren is now, as mentioned, an overwhelming favorite as former Vice President Biden has fallen off dramatically. "Under my Medicare for All plan, that amount will drop from $11 trillion to practically zero", Warren wrote.

Fellow candidate Bernie Sanders (I-VT) is also endorsing Medicare for All while other Democratic hopefuls are espousing less-ambitious plans based on the continuation of Obamacare. "Serious candidates for president should speak plainly about these issues and set out their plans for cost control - especially those who are skeptical of Medicare for All". "Or, if they are unwilling to do that, they should concede that they think it's more important to protect the eye-popping profits of private insurers and drug companies and the vast fortunes of the top 1% and giant corporations, rather than provide transformative financial relief for hundreds of millions of American families".

-Employer Medicare Contribution: In general, businesses would pay the government an amount that's based on what they're now spending to provide coverage for their employees.

As an aside, if you hadn't realized before, Medicare for All will kick millions of Americans off their private health insurance plans.

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Democratic presidential candidate Elizabeth Warren's plan for universal healthcare rests on an assumption she can radically change an industry the size of Germany's entire economy without new costs for the average taxpayer. Medicare for All would require approval by the US Congress, where Democrats now control the House of Representatives and Republicans the Senate.

Biden has repeatedly criticized Warren's Medicare for All plan, which she claims would require $21 trillion in additional spending over ten years, which is significantly less than the cost projections for Senator Bernie Sanders' similar plan.

About half of the new federal spending would be covered by having businesses direct most of their current spending on private health insurance into a government fund.

If Warren is underestimating the cost by that much, her predictions about needed tax revenue would come up well short.

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