Bernie Sanders is proposing a national health care system commonly referred to as Medicare for All. The low-side estimates of the program’s cost are around 3 trillion dollars a year.
Michael Bloomberg’s net worth is estimated to be about 62 billion dollars. If Bernie were to confiscate all of that wealth (and it could be liquidated as cash), he could pay for a week of his proposed program. If he could similarly liquidate the fortunes of the ten richest Americans, he wouldn’t find enough money to run Medicare for three months. And he would have destroyed productive assets that would generate further cash flow to fund the system. Even if he kept the seized assets as an investment portfolio (equivalent to a 100 percent income tax rate), a reasonable long-term rate of return would only provide for a week-and-half of Medicare for all each week.
The other 95 percent of the money required would exceed the government’s current income from taxes, so bringing Medicare for All online while maintaining something near the current level of other government services would require at least doubling the current total amount of federal taxation. If the billionaires have had their assets seized so that they have nothing left to be taxed, who do you think is left to be taxed? Cleaning out the millionaires won’t produce the same windfall as billionaires. If it’s still possible to pay wages at the current level after much of the productive investment in the economy is destroyed, then the average citizen’s share of the federal tax burden would likely rise to above 33 percent of personal income.
And then we’d have to figure out how to pay for the Green Nude Eel.
I was tempt to simply comment, “Everything is proceeding as I have foreseen,” but that wouldn’t be strictly correct. Another commenter on Twitter tweeted that Mini Mike had brought a wallet to a gun fight, and I had expected that Bloomberg’s billions should have brought him bette debater preparation. It didn’t.
Bloomberg clearly has run up against the Dunning-Kruger effect with respect to his ability to move from a AAA position (large city mayor) to the big leagues. His money can’t buy competence. While I did foresee him swinging and missing, he’s done it sooner than I expected.
Can he get his act together, or will he strike out? We shall see.
Michael Bloomberg poured roughly $700,000 into one Virginia state senatorial race, and his guy lost today. The Everytown for Gun Safety Action Fund ad buy was the largest one of the campaign.
Yep. The Democrats really, really, really need to keep pushing gun control as an issue.
UPDATE—Democrat Dan Gecker (Bloomberg’s boy) had not conceded to his opponent, Glen Sturtevant. The Democrats are making noise about “irregularities” because they thought they had the thing bought and paid for because Republican turnout was so heavy. However, Sturtevant won with 49.8% of the vote to Gecker’s 47.1% (a Libertarian, and Independent, and write-ins got the rest). That spread is beyond the margin of theft that Democrats often rely on, so this should be a real win for the Republicans.