Template-Type: ReDIF-Paper 1.0
Title: The Economics of Medicare for All
Author-Name: Craig Garthwaite
Abstract: Policymakers and political candidates are expressing renewed interest in
  expanding the role of government in increasing access to and
  affordability of health care for all Americans. The most prominent
  proposal, Medicare For All, is supported in some form and under varying
  definitions by the majority of 2020 Democratic presidential candidates,
  and would create a single-payer healthcare system funded by the U.S.
  federal government.
  
  Garthwaite argues that the current public debate about Medicare For All
  fails to take into account the likely consequences that such a large
  change to the health-care system would bring about. For example, if such
  a system adopted the existing Medicare price schedule, the average
  quality of health services would likely decline. A single-payer system
  would, by definition, make the U.S. government a monopsonist in the
  health-care labor market, allowing it the option to exert downward
  pressure on wages which could impact the availability of healthcare
  services and the supply of labor. In the market for prescription drugs,
  a U.S. single-payer could exert its buying power to lower drug prices
  but doing so would likely reduce innovation in that sector and reduce
  access to treatments.
  
  Garthwaite also discusses alternative policy reforms that could promote
  affordability and access in the current U.S. health-care system,
  centered around introducing more competition to healthcare markets and
  making Medicare more efficient.
Creation-Date: 2019-11-01
Keywords: health economics, public finance, single-payer
File-URL: https://www.economicstrategygroup.org/wp-content/uploads/2026/06/The-Economics-of-Medicare-for-All.pdf
File-Format: Application/PDF
Handle: RePEc:cxx:wpaper:the-economics-of-medicare-for-all