Updated: Jan 6
Elizabeth Warren came under heavy scrutiny in the last debate for not being frank about how she intended to pay for all her plans. Bernie has the same general problem, but has said, yes in fact taxes will go up for about everyone. But there is a lot more to this story than anyone is willing to talk about.
Let’s get a good look at what has been proposed along with serious cost projections.
· Medicare for All - $28 to $32 trillion over 10 years.
· Green New Deal - $52 to $93 trillion over 10 years.
· Student Loan Forgiveness - $2 trillion over 10 years.
· Free Child Care - $700 billion over 10 years.
· Election Reform Plan - $20 billion over 10 years.
Grand Total: $82.72 trillion to $127.72 trillion over ten years.
To gain some perspective, the entire net worth of the United States is about $124 trillion or roughly equal to the cost of running these new programs for ten years. In truth, I suspect the intent is to drain most of the wealth of the nation, but then what?
If that isn’t mind bending enough for you, these plans would about double our current budget of $4.4 trillion. And, don’t start the argument about the rich paying their fair share, because even with Elizabeth’s new tax plan in place ($5.8 trillion over ten years), you’d still be forced to run an annual budget deficit of about $5 trillion a year.
But, don’t worry, our nation’s wealth would be out the door as fast as a computer key could add zeroes – leaving most of us behind to enjoy the New American Apocalypse.
Right now, our National Debt is more than $22.5 trillion, and the interest on that debt is $1.5 billion per day. Without a single new program, our government spends more than $779 billion per year beyond our annual revenues, and many economists are not sure if the weight of this debt is sustainable.
I don’t have a PhD in economics from Berkley, but I do have a budget, checkbook and a credit card. And, I understand better than most that if I spend more than I make for long enough, it will eventually all come crashing down. But, the big difference between it happening to me, and it happening to our government, is that there is absolutely no one to pick up the pieces if our government fails.