Megan McArdle finished up her article on Vermont’s single-payer woes by pretty much saying that, but I already knew it anyway. The basic problem? It’s going to cost at least $1.6 billion a year (or about 59% of Vermont’s current annual budget)… and there’s no way to pay for it except via massive tax hikes. Megan notes that Vermont’s taxes aren’t actually high at all right now, and that implementing single-payer would immediately skyrocket that state’s rate to the highest in the country. And then she got puckish:
Now, you can argue that people should be glad to make this trade-off, not just for peace of mind, but because they will trade higher taxes for lower (no) insurance premiums. You can also argue that poor people in America should be laughing and dancing and singing all day because every one of them is economically better off than starving farmers in drought-ridden regions of Africa. Neither argument will do you much good, however, because that’s not how people think.