Originally posted May 1, 2019.
As Democrat presidential candidates vie for voters’ attention, they are suggesting a potpourri of giveaways, including Medicare-for-All and greater Social Security benefits.
How to pay for these proposals? Finance new taxes. But, warns the WSJ, there are certain lessons not to be forgotten:
- The Medicare Hospital Trust Fund is expected to go broke by 2026.
- Recall how Democrats passed a 3.8-percentage-point tax surcharge on high earners’ investment income as part of ObamaCare supposedly to finance Medicare.
- Barack Obama then proclaimed “we’re going to be able to help ensure Medicare’s solvency for an additional decade” and “reduce the deficit by a trillion dollars.”
- The additional revenues have instead fed ObamaCare’s middle-class entitlement.
Read more here.