There are a lot of pros and cons, and while I do not want to write a macroeconomic essay, the pros and cons of socialized medicine that I can think of on top of my head are:
1. Reduced medical costs - Socialized medicine costs less
2. Extending care - 45 million Americans do not have health insurance
3. Creates a more humane and stress free society - people won't have to make a separate medical emergency funds bank account
1. Increasing taxes - how else is this government program going to be sponsored?
2. No Competition - competition is as essential to markets as water is to mankind
3. Longer waiting lists - the title says it all