Why the Compulsive Shift to Single Payer? Because Healthcare Is Not Insurable

L. Randall Wray

Economics Policy Note Archive from Levy Economics Institute

Abstract: The growing political momentum for a universal single-payer healthcare program in the United States is due in part to Republican attempts to repeal and replace the Affordable Care Act (Obamacare). However, according to Senior Scholar L. Randall Wray, it is Obamacare's successes and its failures that have boosted support for a single-payer system. Even after Obamacare, the US healthcare system still has significant gaps in coverage--all while facing the highest healthcare bill in the world. In this policy note, Wray argues that the underlying challenge for a system based on private, for-profit insurance is that basic healthcare is not an insurable expense. It is time to abandon the current, overly complex and expensive payments system and reconsider single payer for all. Social Security and Medicare provide a model for reform.

Date: 2017-07
New Economics Papers: this item is included in nep-hea, nep-ias and nep-pke
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