Opponents of health-care reform should be chanting "No more Medicare!" The arguments that have been made against the public option (a health insurance plan sold and administered by the federal government) apply with equal or greater force to Medicare.
Plan designed by the government? Check. Government bureaucracy? Check. Subsidized? Check. (Medicare does not have to fund itself solely by charging premiums to its members; instead, it is largely funded by a payroll tax levied on all workers.) Able to drive private insurers out of business? Check. Medicare dominates the over-65 market.
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