Radical socialist senator Bernie Sanders (I-VT) has a new plan to overload the US taxpayer — he wants to cancel all medical debt in the US. The move is part of his controversial “medicare for all” plan, but with this move, it’s steering deep into economic disaster territory.
Sanders has already caused an uproar by saying he plans to make private health insurance illegal, an idea that’s threatened to divide him from the unions. Now, he’s taking on the financial and insurance industries too, because this proposal would cost a huge amount of money.
There’s an estimated $81 billion of medical debt in the US, owed to banks and insurance companies. Sanders wants to cancel it all, leading to huge losses for businesses. He also wants to change bankruptcy laws and exclude medical debt from credit scores. It sounds like a great policy, but it’s likely to make borrowing more expensive for everyone.
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