Tags: 2020 Elections | Medicare | larry kudlow | elizabeth warren | healthcare

Kudlow: Warren's Health Plan Would Prove 'Catastrophic'

sen. elizabeth warren is shown on the campaign trail
(Marcio Jose Sanchez/AP)

By    |   Friday, 01 November 2019 12:46 PM

Sen. Elizabeth Warren's plan for Medicare for all healthcare coverage, which she says will carry a price tag of more than $20 trillion over 10 years, would be "devastating to the economy," White House economic adviser Larry Kudlow warned Friday. 

"This idea of Medicare for all, and the so-called Green New Deal, and other proposals I've heard, I don't want to get into politics and policy grounds, (but) this would have a devastating catastrophic effect," Kudlow told Fox Business' Stuart Varney. "It would probably take out as much as 15% to 20% of our entire GDP." 

The only way to meet the costs of Medicare for all would be to enact "deep, heavy, onerous middle-class tax increases," Kudlow added.

"It is the middle class who would have to pay the extra $100 billion or more to finance this kind of socialist government takeover of health care," said Kudlow. "It would have a catastrophic effect on the economy and all these numbers that we're seeing, all these numbers, on incomes per household, on wage increases, on jobs, all these numbers would literally evaporate and by the by, so would the stock market."

Warren, a front-running candidate for the Democratic presidential nomination, came under fire for weeks when she would not reveal how she'd pay for universal coverage. She insists her plan to provide government-funded healthcare for all Americans would be done without raising taxes on the middle class. Instead, she is calling on companies to transfer 98% of the $8.8 trillion that she estimates they will spend covering private insurance costs for their employees. 

"We can generate almost half of what we need to cover Medicare for All just by asking employers to pay slightly less than what they are projected to pay today, and through existing taxes," Warren said in an online post outlining the specifics of funding her program. 

If that plan doesn't bring in the $8.8 trillion Warren has specified, she said she'll impose a supplemental contribution requirement for large corporations that have "extremely high executive compensation and stock buyback rates."

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Sen. Elizabeth Warren's plan for Medicare for all healthcare coverage, which she says will carry a price tag of more than $20 trillion over 10 years, would be "devastating to the economy," White House economic adviser Larry Kudlow warned Friday. 
larry kudlow, elizabeth warren, healthcare
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2019-46-01
Friday, 01 November 2019 12:46 PM
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