Medicare is currently costing the US almost $500,000,000,000 per year (and growing) which equates to 5.77% of EVERYONE’S paycheck. Unfortunately we are currently only taxing 2.9% of everyone’s check so we have a $180B shortfall. Which is currently being picked up by the general budget and some past overages. Once the overages run dry, it will become difficult for the general fund to cover the entire difference. But I digress.
Medicare currently covers around 40M people or 13% of Americans. Now I think most people will agree that the medical coverage of medicare is mediocre at best but it allows for a reasonable comparison of the costs of baseline (borderline) coverage. So we do the math and:
EveryoneCare would cost Everyone’s Paycheck 44%!!! – and I mean EVERYONE just like Medicare taxes the Fry Cook along with the Wall Street Banker. So can we really afford universal health care?
Of course, these numbers assume that the burden is shared equally like Medicare. If you imposed a “progressive” structure that omitted or reduced the burden on anyone it would result in an even higher numbers for those still footing the bill. And remember that this is ONLY the cost of Medicare expanded to everyone. This would be in addition to your current taxes and what not that come out of your check. It also doesn’t include any increases related to providing care that is better than the admittedly mediocre Medicare. It also omits any additional expenses in expanding the current systems bureaucracy tenfold.