In this article I want to quickly combine all of their proposed policies to see the actual cost over ten years.
Let’s do this.
Democrats Cost Too Much: The Economics
All of these sources are nonpartisan or moderately left-leaning. So the actual cost would probably be greater because these groups calculate conservatively (for once).
Now, on to how much democratic policy proposals actually cost:
- Medicare For All costs $36 million.
- Guaranteed Jobs program costs $30.1 trillion.
- Climate plan costs $16.3 trillion.
- Green New Deal environmental sections costs $7.5 trillion.
- Student loan forgiveness costs $3 trillion.
- Expand social security costs $1.8 trillion.
- New housing platform costs $2.5 trillion.
- Paid family leave laws costs $1.6 trillion.
- Increased education spending costs $1.2 trillion.
- Infrastructure upgrades costs $1 trillion.
- $101 trillion
Where Is The $101 Trillion Coming From?
The feds will already be spending $60 trillion for our current programs going on 10 years. Add in the $29.7 trillion from state and local government for a total (unchanged) expenditure of $89.7 trillion.
So the current democratic plans not only want to increase the cost by $101 trillion but more than double our current fiscal costs.
On top of that we’re already running a $12.4 trillion budget deficit in the future. Which means we can’t even afford the stuff we have now.
So somehow, some way, we’d have to magically finance nearly $115 trillion to have a relatively balanced budget.
And then we’d have to make sure the costs don’t increase from there. Which they obviously would as any previously enacted socialistic program would clearly show you (please see the fiscal histories of Medicare, Social Security, federal pensions, etc).
So how do we get more money? More tax. Good luck paying that effective tax rate, middle class.
You couldn’t even generate this needed level of revenue straight out of an income tax. It’d have to come as an income, VAT, payroll, additional sales, and other forms of tax to add up. That or you could tax all income so heavy that no one will work.
Damn, we’d need a lot of goodbyes. But that’s fine for the socialists.
Because socialists never spend their own money so everything is affordable to these clowns.