Video distributed widely across the internet since U.S. Senator Bernie Sanders (I-VT) introduced his Medicare For All bill shows Sanders in 1987 stating that Medicaid For All would bankrupt the United States.
While Sen. Sanders’ bill has not yet been officially scored by non-partisan officials, the Urban Institute recently pegged the cost at an estimated $32 trillion over a ten year period.
To put that in perspective, the Congressional Budget Office reports that the federal government expects to take in approximately $3.3 trillion in revenue in fiscal year 2017 and spend approximately $4 trillion.
At $3.2 trillion per year to current spending would require an enormous increase in revenues from somewhere or drive the current $20 trillion national debt to over $50 trillion over the next decade.
Some ideas proposed by Sen. Sanders to partially fund his plan include a 7.5% payroll tax, a 4% income-based premium on households earning more than $29,000 per year, or attempting to tax money held in overseas bank accounts.