Posted in Access to healthcare, Economic Issues, Government Spending, Healthcare financing, Medical Costs, Medicare, News From Washington, outcomes, Policy Issues, Reforming Medicare, Tax Policy, Uncategorized

Medicare Hypocrisy for All – Foundation for Economic Education

Gary M. Galles
Gary M. Galles
“Medicare is not even close to sustainable in its present form, much less to be leveraged to cover the entire population.”
Saturday, October 5, 2019

“Because of the wealth transfer to early enrollees, as well as from ensuing expansions, Medicare provided many with a great deal. But that deal was the result of dumping an enormous bill on future generations (bigger than the unfunded liabilities for Social Security plus the national debt).

As a result, Medicare was a far worse deal than M4A salesmen and women admit, and it is now decaying at an increasing rate.

With that bill starting to arrive, Medicare is not even close to sustainable in its present form, much less to be leveraged to cover the entire population (although one can understand the vote-buying potential in promising massive new M4A generational transfers).”

https://fee.org/articles/medicare-hypocrisy-for-all/

Posted in big government, Economic Issues, Government Spending, Policy Issues, Tax Policy, Uncategorized, Welfare State

When America’s Fiscal Crisis Hits, Be Forewarned that Tax Increases Will Make a Bad Situation Worse | International Liberty

Moreover, I will point out that higher taxes most likely will simply trigger and enable additional spending. And I will warn that tax increases will undermine economic performance.
Regarding that last point, three professors, led by Alberto Alesina at Harvard, have unveiled some new research looking at the economic impact of expenditure-based austerity compared to tax-based austerity.

https://danieljmitchell.wordpress.com/2018/02/23/when-americas-fiscal-crisis-hits-be-forewarned-that-tax-increases-will-make-a-bad-situation-worse/

Posted in big government, Economic Issues, Liberty, News From Washington, DC & Related Shenanigans, Policy Issues, Tax Policy, Uncategorized

The Win-Win-Win-Loss of Tax Reform | International Liberty

Now that we have a final bill rather than a mere “agreement in principle,” let’s step back and consider some implications of tax reform.

There are three reasons to be pleased and one reason to worry.

https://danieljmitchell.wordpress.com/2017/12/21/the-win-win-win-loss-of-tax-reform/

Posted in American Presidents, Bailouts, big government, Caricatures, Cartoons, Crony Capitalism, Currency Manipulation, DC & Related Shenanigans, Economic Issues, government incompetence, Government Spending, Government Stimulus, Job loss, Keynesian Economics, Liberty, Policy Issues, Poverty, Rule of Law, Tax Policy, U.S. Constitution, Uncategorized, Unemployment, Wealth

Everything You Need to Know about Assigning Blame for the Great Depression, Captured by a Cartoon | International Liberty

https://danieljmitchell.wordpress.com/2017/11/18/everything-you-need-to-know-about-assigning-blame-for-the-great-depression-captured-by-a-cartoon/

Posted in Access to healthcare, Canadian Health System, Economic Issues, Government Spending, Healthcare financing, Medicaid, Medical Costs, Medical Practice Models, Medicare, News From Washington, News From Washington, DC & Related Shenanigans, Policy Issues, Protocols, Reforming Medicaid, Reforming Medicare, Tax Policy, Uncategorized

Medicaid for All Would ‘Bankrupt the Nation,’ Warns Bernie Sanders—In 1987 – Hit & Run : Reason.com

“Notably absent from Sanders’ proposed single-payer system was a detailed plan to pay for it. The senator said he would lay out the tax hikes necessary to fund his new system in separate legislation.

That may be because enthusiasm for single payer tends to die down pretty quickly once people get a sense of what sort of tax increases would be necessary to fund it. An Urban Institute analysis of a previous version of Sanders’ plan estimated that it would cost $32 trillion over a decade.

It promises huge overall savings along with coverage that would be far more expansive, and far more expensive, than Medicaid for all, with no clear way to pay for it, and no specific strategy for driving costs or spending down.

In 30 years of political advocacy, Sanders has not solved any of the fundamental problems with single payer. He has merely opted to pretend they do not exist.”

[Note: On annualized basis, that would more than double the amount we currently spend annually on healthcare.  And past projections related to the costs of gov’t programs always vastly underestimate the actual costs, as evidenced below. – The Sovereign Patient]

“The House Ways and Means Committee estimated that Medicare would cost only about $12 billion by 1990 (a figure that included an allowance for inflation). This was a supposedly “conservative” estimate. But in 1990 Medicare actually cost $107 billion.” http://reason.com/archives/1993/01/01/the-medicare-monster

Source: Medicaid for All Would ‘Bankrupt the Nation,’ Warns Bernie Sanders—In 1987 – Hit & Run : Reason.com

Posted in American Presidents, big government, Crony Capitalism, Economic Issues, Government Regulations, Government Spending, Job loss, Keynesian Economics, Liberty, Policy Issues, Tax Policy, U.S. Constitution, Uncategorized

Will Trumponomics Mean More Freedom and Prosperity? | International Liberty

danmitchel
Dan Mitchell

I was sitting directly under a television in a Caribbean airport yesterday when Trump got inaugurated, so I inadvertently heard his speech.

The bad news is that Trump didn’t say much about liberty or the Constitution. And, unlike Reagan, he certainly didn’t have much to say about shrinking the size and scope of Washington.

On the other hand, he excoriated Washington insiders for lining their pockets at the expense of the overall nation. And if he’s serious about curtailing sleaze in DC, the only solution is smaller government.

But is that what Trump really believes? Does he intend to move policy in the right direction?

Well, as I’ve already confessed, I don’t know what to expect. The biggest wild card, at least for fiscal policy, is whether he’ll be serious about the problem of government spending. Especially entitlements.

Source: Will Trumponomics Mean More Freedom and Prosperity? | International Liberty

Posted in Economic Issues, Policy Issues, Tax Policy, Uncategorized

What Lesson Will Leftists Learn from another “Successful” Tax Increase? | International Liberty

I tell them that they are right about higher taxes on tobacco leading to less smoking (also more smuggling, but that’s a separate issue).

Yet these people simultaneously claim that higher tax rates on income (especially on the evil rich!) won’t lead to less work, saving, investment, and entrepreneurship.

Back in August, I acknowledged that lifestyle leftists in California won a real victory. They imposed a tax on sugary soft drinks in Berkeley and achieved a reduction in consumption. But I pointed …

Source: What Lesson Will Leftists Learn from another “Successful” Tax Increase? | International Liberty

Posted in big government, Cost of labor, Economic Issues, Free-Market, Government Regulations, Government Spending, Government Stimulus, Keynesian Economics, Liberty, Policy Issues, Tax Policy, Uncategorized

The Myth and Reality of Trickle-Down Economics | International Liberty

…allowing everyone to pursue all the opportunities they can in the marketplace, with the minimal level of taxation and regulation, will create generalized prosperity. The value of cutting taxes is not just cutting them for higher income groups, but for everyone. Letting everyone keep more of the value they create through exchange means that everyone has more incentive to create such value in the first place, whether it’s through the ownership of capital or finding new uses for one’s labor.

Now that we’ve dispensed with the silly left-wing caricature of trickle-down economics, let’s discuss how there actually is a sensible way to think about the issue.

Source: The Myth and Reality of Trickle-Down Economics | International Liberty