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Claims that Medicare for All would lead to large-scale job losses are misleading. In fact, a national program that would guarantee health insurance for every American could boost wages and jobs and lead to more efficient labor markets that better match jobs and workers. Check out the latest EPI research on health care reform and the economic impact of the coronavirus on workers without paid sick leave.
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In a new report, EPI Director of Research Josh Bivens finds that Medicare for All would bolster the labor market, strengthen economic security for millions of U.S. households, and would likely boost the number of jobs in the U.S. labor market:
- Boost wages and salaries by allowing employers to redirect money they are spending on health care costs to their workers’ wages.
- Increase job quality by ensuring that every job now comes bundled with a guarantee of health care—with the boost to job quality even greater among women workers, who are less likely to have employer-sponsored health care.
- Lessen the stress and economic shock of losing a job or moving between jobs by eliminating the loss of health care that now accompanies job losses and transitions.
- Support self-employment and small business development—which is currently super low in the U.S. relative to other rich countries—by eliminating the daunting loss of/cost of health care from startup costs.
- Inject new dynamism and adaptability into the overall economy by reducing “job lock”—with workers going where their skills and preferences best fit the job, not just to workplaces (usually large ones) that have affordable health plans.
- Produce a net increase in jobs as public spending boosts aggregate demand, with job losses in health insurance and billing administration being outweighed by job gains in provision of health care, including the expansion of long-term care. Read the report »
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Check out more health care news, analysis, and trends you need to know:
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The direct cost that COVID-19 inflicts on human health is obviously its most important effect on society. But this direct cost can be worsened by flawed economic and policy structures. And the indirect damage the disease causes through economic ripple effects could be large, so policymakers should do everything they can to minimize them. Read the blog post »
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EPI’s Josh Bivens and American Enterprise Institute’s Joseph Antos addressed the issue of Medicare for All, and the larger role health care policy is playing in Campaign 2020, on C-Span’s Washington Journal. Read the blog post and watch the program »
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COVID-19—commonly known as the coronavirus—is now a potential threat for the United States but too many workers don’t have the option of heeding the Centers for Disease Control and Prevention’s advice and staying home when they are sick. Read the blog post »
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To read more about Medicare for All, and a host of issues impacting the labor market and the economy, sign up for EPI News here.
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EPI News: Medicare for All not a job killer; COVID-19 policy considerations
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