A healthy debate
There are 25 candidates vying for the Democratic nomination to challenge President Trump’s re-election bid, 10 of whom participated in the first Democratic debates in Miami Beach on 26 June 2019, and 10 of whom followed on 27 June 2019. The Democratic National Committee (DNC) divided the candidates randomly between the two evenings, without regard to their national prominence.
While there was no shortage of issues that the different candidates focused their attention on during these debates, it’s clear that healthcare will be one of the critical issues for voters in 2020, much as it was in the 2018 midterm elections. The Democratic candidates are united in their support for universal healthcare but have offered a number of different policy prescriptions to get there.
One proposal in particular—Medicare for All (MFA)—has captured extraordinary media coverage. The policy proposal represents something of a dividing line within the Democratic Party between centrists such as Biden and self-avowed socialists such as Sanders.
Keep in mind that the US healthcare system is exceptionally complex, and is funded by federal and state governments, individuals, and employers. Each group has a vested interest in the provision of healthcare—and in the outcome of legislation that may affect their livelihoods and business prospects.
Below, we outline some of the implications of MFA for both the real economy and financial markets.