If the United States were to adopt the socialist policies of Venezuela, the move would slash the economy by 40 percent—or $24,000 per year for the average American, according to a report by the president’s Council of Economic Advisers.
The report specifically cites so-called “Medicare-for-all” proposals, which essentially would be a single-payer health care program. The study found that if Medicare-for-all were financed out of current federal spending—without additional borrowing or tax increases—it would eat up more than half of the entire federal budget.
Even if the United States adopted the less-repressive socialist policies of Nordic countries—Sweden, Norway, Finland, Denmark and Iceland—it would mean a 15 percent lower standard of living, the council’s report says.
https://www.dailysignal.com/2018/10/23/government-economists-offer-window-into-what-a-socialist-us-economy-would-look-like/
The report specifically cites so-called “Medicare-for-all” proposals, which essentially would be a single-payer health care program. The study found that if Medicare-for-all were financed out of current federal spending—without additional borrowing or tax increases—it would eat up more than half of the entire federal budget.
Even if the United States adopted the less-repressive socialist policies of Nordic countries—Sweden, Norway, Finland, Denmark and Iceland—it would mean a 15 percent lower standard of living, the council’s report says.
https://www.dailysignal.com/2018/10/23/government-economists-offer-window-into-what-a-socialist-us-economy-would-look-like/