“What is true of government as a whole is also true of particular programs. Social Security and Medicare are government programs; they cannot go bankrupt, and they cannot fail to meet their obligations unless Congress decides–say on the recommendation of the Simpson-Bowles Commission–to cut the benefits they provide. The exercise of linking future benefits and projected payroll tax revenues is an accounting farce, done for political reasons. That farce was started by FDR as a way of protecting Social Security from cuts. But it has become a way of creating needless anxiety about these programs and of precluding sensible reforms, like expanding Medicare to those 55 and older, or even to the whole population.”
— James K. Galbraith In Defense of Deficits March 4, 2010
1/n There are 3 separate issues regarding ability to provide SS/Medicare in future years–financial ability to pay, legal authority to pay, & productive capacity to provide increasing standard of living to future workers & non-workers.
— Scott Fullwiler (@stf18) Link to complete thread
Your periodic reminder that Robert Eisner published the single most important article on #SocialSecurity in the Journal of Post Keynesian Economics, Vol. 21, No. 1 (Autumn, 1998), pp. 77-92. pic.twitter.com/YJE8djmVP3
— Stephanie Kelton (@StephanieKelton) January 22, 2020
The economics of #MedicareForAll: will work like a tax cut for 95% of Americans, intermediaries are cut out, we will spend less as a society on health care while increasing coverage for all Americans.
— David Westin on “Bloomberg: Balance of Power.” (@DavidWestin) Bloomberg TVTop Nancy Pelosi Aide Privately Tells Insurance Executives Not to Worry About Democrats Pushing “Medicare for All”
— Ryan Grim (@RyanGrim), Intercept @TheInterccept, Feb 5, 2019
Here‘s Stephanie Kelton using a Twitter thread to unpack the relationship between Social Security, Medicare and payroll taxes. Along the way, she quotes Franklin Delano Roosevelt, Dec 13, 2018
Medicare for All Is Even Better Than You Thought • Previous estimates suggested that Medicare for All would save $2 trillion. But it’s even better: a new study finds that Bernie Sanders’s bill would save $5.1 trillion — while providing universal, comprehensive coverage.
— Tim Higginbotham Jacobin (@JacobinMag), Dec 3, 2018
Economic Analysis of Medicare for All
— Robert Pollin, James Heintz, Peter Arno, Jeannette Wicks-Lim, Michael Ash Political Economy Research Institute (@PERIatUMass), Nov 30, 2018
How much would universal health care really cost?
— Cory Doctorow (@doctorow), BoingBoing, Aug 21, 2018
“But How Will We Pay for It?”: Modern Monetary Theory and Democratic Socialism”
— Alexander Kolokotronis, (@AVK48) Sean Keith (@sean_keith) Truthout, Jan 2, 2018
Citations Needed • Episode 11: The Deficits Racket Part I — Single Payer Propaganda War
— Nima Shirazi (@wideasleepnima), Adam Johnson (@adamjohnsonNYC), Stephanie Kelton (@StephanieKelton), Citations Needed Sept 27, 2017 (1:03:00)
Marshall Auerback and L. Randall Wray: America Needs Healthcare, Not Health Insurance
Marshall Auerback (@Mauerback), Randy Wray Naked Capitalism, April 1, 2012
Why Health Care Matters and the Current Debt Does Not
— Brett W. Fawley, Luciana Juvenal, Federal Reserve Bank of St. Louis (@stlouisfed), Oct, 2011