'It's a Sure Winner—Except for the Profiteers': 200+ Economists Send Letter to Congress Endorsing Medicare for All
Ahead of a historic single-payer hearing at the House Budget Committee on Wednesday, more than 200 economists sent a letter to Congress blasting America's "exorbitant and wasteful" healthcare system and endorsing Medicare for All as the most humane and cost-effective solution.
"America's health system turns our survival over to greedy companies with the market power to set outrageously high prices," Jeffrey Sachs, professor of economics at Columbia University and one of the letter's 209 signatories, said in a statement on Tuesday.
"Medicare for All will give us a system already proven in other countries: much lower costs with less hassle and worry. It's a sure winner—except for the profiteers."
—Jeffrey Sachs, Columbia University
"Medicare for All will give us a system already proven in other countries: much lower costs with less hassle and worry," Sachs said. "It's a sure winner—except for the profiteers."
In their letter (pdf), the economists highlighted the fact that the United States spends far more on healthcare than other industrialized nations while achieving significantly worse results—a crisis they say can be remedied by transitioning to a single-payer system.
"Evidence from around the world demonstrates that publicly financed healthcare systems result in improved health outcomes, lower costs, and greater equity," the letter states. "For these reasons the time is now to create a universal, single-payer, Medicare for All healthcare system in the United States."
The economists' endorsement of Medicare for All comes just 24 hours before the House Budget Committee is scheduled to hold just the second-ever congressional hearing on single-payer. The panel will discuss Rep. Pramila Jayapal's (D-Wash.) Medicare for All Act of 2019, which currently has 108 co-sponsors.
National Nurses United (NNU), which has been leading efforts to build grassroots support for Medicare for All nationwide, urged Americans to call members of the Budget Committee and let them know "we're counting on their support."
"For patients, the effects would be life-changing," NNU president Jean Ross said in a statement Tuesday. "A Medicare for All system would guarantee the care we need throughout our lifetimes and patients would no longer have to deal with debilitating premiums, out-of-pocket costs, hospital bills, and drug costs again."
Read the economists' full letter:
As economists, we understand that a single-payer "Medicare for All” health insurance system for the U.S. can finance good-quality care for all U.S. residents as a basic right while still significantly reducing overall health care spending relative to the current exorbitant and wasteful system. Healthcare is not a service that follows standard market rules. It should therefore be provided as a public good.
Evidence from around the world demonstrates that publicly financed healthcare systems result in improved health outcomes, lower costs, and greater equity. As of 2017, the U.S. spent $3.3 trillion annually on healthcare. This equaled 17 percent of U.S. GDP, with average spending at about $10,000 per person. By contrast, Germany, France, Japan, Canada, the U.K., Australia, Spain and Italy spent between 9 – 11 percent of GDP on health care, averaging $3,400 to $5,700 per person. Yet average health outcomes in all of these countries are superior to those in the United States. In all of these countries, the public sector is predominant in financing heath care.
For these reasons the time is now to create a universal, single-payer, Medicare for All health care system in the United States.
Public financing for health is not a matter of raising new money for healthcare, but of reducing total healthcare outlays and distributing payments more equitably and efficiently. Implementing a unified single-payer system would reduce administrative costs and eliminate individuals' and employers' insurance premiums and out-of-pocket costs. If combined with public control of drug prices and a dramatically simplified global budgeting system, a sensible Medicare financing system would reduce healthcare costs while guaranteeing access to comprehensive care and financial security to all.
As such, we support publicly and equitably financed healthcare through a Medicare for All system at the Federal level, as described in H.R. 1384 and S. 1129. We encourage Congress to move forward with implementing a public financed Medicare for All plan to achieve the equitable and affordable universal healthcare system that the American people need.
Signed,
- Randy Albelda, Professor of Economics, University of Massachusetts Boston
- Carolyn B. Aldana, Professor Emeritus, California State University, San Bernardino
- Mona Ali, Associate Professor of Economics, SUNY New Paltz
- Larry Allen, Professor of Economics, Lamar University
- Jack Amariglio, Emeritus Professor of Economics, Merrimack College
- Eileen Appelbaum, Co-Director and Senior Economist, Center for Economic and Policy Research
- Peter Arno, Senior Fellow & Director Health Policy Research, Political Economy Research Institute, University of Massachusetts, Amherst
- Michael Ash, Professor of Economics & Public Policy, University of Massachusetts Amherst
- Glen Atkinson, Emeritus Professor of Economics, University of Nevada, Reno
- M V Lee Badgett, Professor of Economics, University of Massachusetts Amherst
- Ron Baiman, Assistant Professor of Economics, Benedictine University
- Dean Baker, Senior Economist, Center for Economic and Policy Research
- Radhika Balakrishnan, Professor, Rutgers University
- Nina Banks, Associate Professor of Economics, Bucknell University
- David Barkin, Distinguished Professor, Universidad Autonoma Metropolitana
- Charles Barone, Professor Emeritus, Dickinson College
- Deepankar Basu, Associate Professor, University of Massachusetts Amherst
- Lourdes Beneria, Professor Emerita, Cornell University
- Peter H. Bent, Assistant Professor, American University of Paris
- Suzanne Bergeron, Professor, University of Michigan Dearborn
- Cyrus Bina, Distinguished Research Professor of Economics, University of Minnesota (Morris Campus), and Fellow, Economists for Peace and Security
- Josh Bivens, Research Director, Economic Policy Institute
- Robert A. Blecker, Professor of Economics, American University
- Peter Bohmer, Faculty in Economics and Political Economy, The Evergreen State College
- Howard Botwinick, Associate Professor of Economics, SUNY Cortland
- Roger Even Bove, Ph.D. in Economics, West Chester University (retired)
- James K. Boyce, Professor Emeritus, University of Massachusetts Amherst
- Robert Brenner, Director, Center for Social Theory and Comparative History, UCLA
- Michael Brün, Instructor, Heartland Community College
- Antonio Callari, Professor, Franklin and Marshall College
- Al Campbell, Emeritus Professor of Economics, University of Utah
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- José Caraballo, Professor, University of Puerto Rico
- Scott Carter, Professor of Economics, The University of Tulsa
- James F Casey, Associate Professor of Economics, Washington and Lee University
- John Dennis Chasse, Professor Emeritus, SUNY College at Brockport
- Robert Chernomas, Professor of Economics, University of Manitoba
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- Dr. James Cypher, Professor of Economics, Universidad Autonoma de Zacatecas, Mexico, and Emeritus Professor, California State University
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- Anita Dancs, Associate Professor of Economics, Western New England University
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- Peter Dorman, Professor of Political Economy, Evergreen State College
- Richard Du Boff, Professor Emeritus, Bryn Mawr College
- Marie C. Duggan, Professor of Economics, Keene State College
- Amitava Krishna Dutt, Professor of Economics and Political Science, University of Notre Dame
- Nina Eichacker, Assistant Professor, University of Rhode Island
- David P Ellerman, Visiting Scholar, University of California at Riverside
- Gerald Epstein, Professor of Economics, University of Massachusetts Amherst
- Thomas Ferguson, Professor Emeritus, University of Massachusetts Boston
- Ellen Fitzpatrick, Professor, Merrimack College
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- Nancy Folbre, Professor Emerita of Economics, University of Massachusetts Amherst
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- Gerald Friedman, Professor of Economics, University of Massachusetts Amherst
- James K. Galbraith, Professor, University of Texas at Austin
- Barbara Garson, Author, Money Makes the World Go Round
- Armagan Gezici, Associate Professor of Economics, Keene State College
- Helen Lachs Ginsburg, Professor Emerita of Economics, Brooklyn College/CUNY
- Mwangi Wa Githinji, Associate Professor, University of Massachusetts-Amherst
- Art Goldsmith, Professor of Economics, Washington and Lee University
- Neva Goodwin, Co-director, GDAE, Tufts University
- Ulla Grapard, Professor of Economics and Women’s Studies, Emerita, Colgate University
- Robert Guttmann, Augustus B Weller Professor of Economics, Hofstra University
- Robin E Hahnel, Professor Emeritus, American University
- John Battaile Hall, Professor of Economics, Portland State University
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- Greg P. Hannsgen, Founder and Blogger, Greg Hannsgen’s Economics Blog, and Research Associate, Levy Economics Institute of Bard College
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- Baban Hasnat, Professor of International Business, SUNY Brockport
- F. Gregory Hayden, Professor, University of Nebraska-Lincoln
- Carol E. Heim, Professor of Economics, University of Massachusetts Amherst
- John Forrest Henry, Senior Scholar, Levy Economics Institute, and Adjunct Professor, University of Missouri-Kansas City
- P. Sai-wing Ho, Professor, University of Denver
- Joan Hoffman, Professor, John Jay College of Criminal Justice CUNY
- Barbara Hopkins, Professor, Wright State University
- Candace Howes, Professor of Economics, Connecticut College
- Eric Hoyt, Ph.D. in Economics, University of Massachusetts Amherst, and Research Director, Center for Employment Equity
- Joseph Michael Hunt, Instructor, Environmental and Health Policy, Harvard Uiversity
- Dorene Isenberg, Professor of Economics, University of Redlands
- Tae-Hee Jo, Associate Professor, SUNY Buffalo State
- Fadhel Kaboub, Associate Professor of Economics, Denison University, and President, Global Institute for Sustainable Prosperity
- Stephanie A Kelton, Professor of Economics and Public Policy, Stony Brook University, and Senior Economic Advisor, Bernie2020 Presidential Campaign
- Haider A Khan, John Evans Distinguished University Professor, University of Denver
- Mu-Jeong Kho, University College London, the University of London
- Marlene Kim, Professor, University of Massachusetts Boston
- Mary C. King, Professor of Economics Emerita, Portland State University
- Charalampos Konstantinidis, Associate Professor, University of Massachusetts Boston
- Kazim Konyar, Professor of Economics, California State University, San Bernardino
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- Patrick L Mason, Professor of Economics, Florida State University, and Director, African American Studies Program
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- Victor D. Lippit, Professor Emeritus of Economics, University of California, Riverside
- James Luke, Professor of Economics, Lansing Community College
- Daniel MacDonald, Assistant Professor, California State University San Bernardino
- Arthur MacEwan, Professor Emeritus of Economics, University of Massachusetts Boston
- Allan MacNeill, Professor, Webster University
- Zagros Madjd-Sadjadi, Full Professor of Economics, Winston-Salem State University, and Former Chief Economist, City and County of San Francisco
- Yahya M. Madra, Associate Professor of Economics, Drew University
- Theresa Mannah-Blankson, Assistant Professor of Economics, Messiah College
- Thomas Masterson, Director of Applied Micromodeling, Levy Economics Institute of Bard College
- Gabriel Mathy, Assistant Professor, American University
- Peter H Matthews, Dana Professor of Economics, Middlebury College
- Scott McConnell, Associate Professor of Economics, Eastern Oregon University, and Owner/CEO, Side A Brewing
- Elaine McCrate, Economics Professor Emerita, University of Vermont
- Terrence McDonough, Professor Emeritus, National University Ireland Galway
- Martin Melkonian, Adjunct Associate Professor, Economics, Hofstra University
- Peter B. Meyer, Professor Emeritus of Urban Policy and Economics, University of Louisville
- Thomas Michl, Professor of Economics, Colgate University
- John Miller, Professor of Economics, Wheaton College
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- Tracy Mott, Professor, University of Denver
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- Daniel H. Neilson, Faculty in Economics, Bard College at Simon’s Rock
- Edward J. Nell, Emeritus Professor, New School for Social Research
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- Robert Pollin, Distinguished Professor of Economics, University of Massachusetts Amherst, and Co-Director, Political Economy Research Institute (PERI)
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- Frank Roosevelt, Emeritus Professor of Economics, Sarah Lawrence College
- Jaime Ros, Emeritus Professor, University of Notre Dame, and Professor of Economics, National Autonomous University of Mexico
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- Hee-Young Shin, Assistant Professor, Wright State University
- Nicholas Shunda, Associate Professor of Economics, University of Redlands
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- Howard Stein, Professor, University of Michigan, Ann Arbor
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