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. The number of jobs created by a single payer system, expanding and upgrading Medicare to cover everyone, parallels almost exactly the total job loss in 2008, according to the findings of a groundbreaking study.
For those of you who do not want to read the report, here are the highlights in pictures.
Here are the highlights in words:
- Create 2,613,495 million new permanent good-paying jobs (slightly exceeding the number of jobs lost in 2008)
- Boost the economy with $317 billion in increased business and public revenues
- Add $100 billion in employee compensation
- Infuse public budgets with $44 billion in new tax revenues
- 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.