A GOP-led budget office details how corporate-run health care is crushing workers — and how Medicare for All would boost the economy.
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February 28, 2022 at 6:49 AM - Views: 16 #473740eridaniParticipant
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If that sounds like hyperbole, consider the analysis in its own words. The CBO reports that under a single-payer health care system:
–“Households’ health insurance premiums would be eliminated, and their out-of-pocket health care costs would decline… Administrative expenses in the health care sector would decline, freeing up productive resources for other sectors and ultimately increasing economy-wide productivity… Longevity and labor productivity would increase as people’s health outcomes improved.”
–“Workers would choose to work fewer hours, on average, despite higher wages because the reduction in health insurance premiums and (out-of-pocket) expenses would generate a positive wealth effect that allowed households to spend their time on activities other than paid work and maintain the same standard of living.”
–“That wealth effect would boost households’ disposable income, which they could then split between increased saving and nonhealth consumption. Although hours worked per capita would decline, the effect on GDP would be offset under most policy specifications by an increase in economy-wide productivity, an increase in the size of the labor force, an increase in the average worker’s labor productivity, and a rise in the capital stock.”
–“States could respond to the (ensuing) budget surplus by growing their rainy-day funds (at least temporarily), reducing state tax rates, increasing spending on government purchases or public services, or a combination of all three.”
ndeed, CBO declares that under a single-payer system, households would “retire at younger ages” and “hours worked would be lower for most households across the income distribution.” Under the five single-payer scenarios the agency evaluated, a “reduction in hours worked would be largest among lower- and middle-income households because those groups would see the largest percentage increase in wage rates and reductions in (out-of-pocket) expenses and premiums.”
CBO’s report seems to cast these forecasts as a warning — but they should be welcome news. Studies have long shown that on average, Americans work more hours than their counterparts in other industrialized nations, and they receive among the fewest hours for vacation and paid family leave. CBO is effectively admitting that the corporate health care system is intensifying that problem.
One health care option evaluated by the CBO includes more robust coverage for home- and community-based care services, which provide patients with long-term assistance with daily living activities such as bathing or dressing. In addition to increasing eligibility and expanding those services for patients, the report notes that increased funding would create a 7 percent pay increase for home health care workers, who are among the lowest paid workers in the economy.
Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction
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