First-of-Its Kind Study: Medicare for All (Single-Payer) Reform Would Be Major Stimulus for Economy With 2.6 Million New Jobs, $317 Billion in Business Revenue, $100 Billio... (h $317 billion in increased business and...)

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First-of-Its Kind Study: Medicare for All (Single-Payer) Reform Would Be Major Stimulus for Economy With 2.6 Million New Jobs, $317 Billion in Business Revenue, $100 Billion in Wages

Date:1/14/2009

h $317 billion in increased business and public revenues

Add $100 billion in employee compensation

Infuse public budgets with $44 billion in new tax revenues

Further, moving to the new system comes with an unexpectedly low price tag, given the economic benefits and the far-reaching consequences of genuine healthcare reform, DeMoro noted.

Healthcare for all far less than the Wall Street bailouts

Adding all Americans to an expanded Medicare could be achieved for $63 billion beyond the current $2.1 trillion in direct healthcare spending. The $63 billion is six times less than the federal bailout for CitiGroup, and less than half the federal bailout for AIG. Solely expanding Medicare to cover the 47 million uninsured Americans (as of 2006 data on which the study is based) could be accomplished for $44 billion.

The IHSP projections build from an econometric model of the current face of healthcare - applying economic analysis to a wide array of publicly available data from Medicare, the Bureau of Labor Statistics, Bureau of Economic Analysis, and other sources.

It is the first known study to provide an econometric analysis of the economic benefits of healthcare to the overall economy, showing how changes in direct healthcare delivery affect all other significant sectors touched by healthcare, and how sweeping healthcare reform can help drive the nation's economic recovery.

Healthcare presently accounts for $2.105 trillion in direct expenditures. But healthcare spreads far beyond doctor's offices and hospitals. Adding in healthcare business purchases of services or supplies and spending by workers, the total impact of healthcare in the economy mushrooms to nearly $6 trillion.

Overall, every direct healthcare dollar creates nearly three additional dollars in
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First-of-Its Kind Study: Medicare for All (Single-Payer) Reform Would Be Major Stimulus for Economy With 2.6 Million New Jobs, $317 Billion in Business Revenue, $100 Billio...(h $317 billion in increased business and...),Health