Does anyone want to discuss Medicare for All? Bernie recently said that the top 0.1% would pay for it, but I cannot find any numbers for how much income they average, just their wealth. Whatever DQYDJ.com is, they say the average 0.1% individual is worth $43,090,281. They also say there were 126.0 million households in the United States in 2017, so the top 0.1% is 126,000 families.
https://dqydj.com/net-worth-brackets...ts-one-percent
$43,090,281 x 126,000 = $5.43 trillion.
How much would Medicare-for-all cost? Sanders and Ocasio-Cortez both cited a study from George Mason University saying:
https://www.factcheck.org/2018/08/th...icare-for-all/
I do not know how you would seize the assets of millionaires and billionaires, but 100% of it would cover 16.65%
According to that DQYDJ.com page, the top 10% are worth on average $1,182,390.36. That would be 12,600,000 families, worth a total of almost 15 trillion.
That is still less than half what would need to cover it for ten years.
The net worth of the richest 90%, according to DQYDJ.com totals just under $29 trillion, so how in the world would you finance it when it costs more than every American is worth?
The bottom 10% have a negative net worth, so I excluded them.
Elizabeth Warren also promotes Medicare for All.
https://www.politifact.com/truth-o-m...uch-bottom-90/
If 100% of the top 90% would be insufficient, 2-3% of the top 10-11% would be wholly inadequate.
The problem is that Medicare only pays 60% as much as insurance. Hospitals do not profit from Medicare, they lose money. They profit off of insurance, which may be charging too much, but 40% extra for all services?
“You don’t need insurance companies for Medicare for all,” Dr. Gaffney added. “You need hospitals.”
"The majority of hospitals are nonprofit or government-owned."
https://www.nytimes.com/2019/04/21/h...hospitals.html