The Facts about the Progressive Agenda's Costs

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We have seen the Democratic party's debates and heard their proposals. This is a look at them and their estimated costs.

Submitted: August 20, 2019

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Submitted: August 20, 2019

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The Facts about the Progressive Agenda’s Costs

We have seen the Democratic Party’s debates and now know what their main candidate’s proposals are, so we can evaluate them fairly.  We have heard their “estimates” of what their programs would cost, and we have independent estimates. I will uses these to get a reasonable idea of what those proposals would cost if enacted. I will use the lowest estimate available rounded to the nearest trillion dollars, but remember the old adage ”an elephant is a mouse built by the government.” History has shown that all estimates of government costs are much lower than the reality of what they actually will cost.  l review five candidates in the order that they stand at the top of national polls as of this writing. These are the financial proposals they have made as of August 2019.

 

Joseph R. Biden Jr,

THE ENVIRONMENT

He supports the Green New Deal. Estimated cost: $50 to $90 trillion

HEALTH CARE

His campaign says that his health care plan would cost $750 billion over a decade

SCHOOLS

He wants to triple the money the federal government sends to low-income schools and districts from about $16 billion per year to about $48 billion.

STUDY REPARATIONS

 Reparations for African Americans. Estimated cost $17.1 trillion

TOTAL MINIMUM ESTIMATED COST OF HIS PROPOSALS: $50 trillion +a possible $17 trillion for reparations.

Elizabeth Warren

STUDENT DEBT RELIEF

Senator Warren has made a  policy proposal that would cancel nearly all outstanding student loan debt. It is estimated that her plan would cost $1.25 trillion over 10 years.

UNIVERSAL CHILD CARE

She proposes a plan for high quality childcare and estimates its cost to be $700 billion

HEALTH CARE

She supports “Medicare for All”, Bernie Sanders single payer Medicare for all program.that is estimated to cost $32 trillion over a decade.

THE ENVIRONMENT

She supports the Green New Deal. Estimated cost: $50 to $90 trillion

AFFORDABLE HOUSING

Elizabeth Warren introduced legislation to invest $470 billion in two housing funds that would give states money to build, rehabilitate or preserve affordable housing.


 STUDY REPARATIONS

 Reparations for African Americans. Estimated cost $17.1 trillion

TOTAL MINIMUM ESTIMATED COST OF HER PROPOSALS: $84 trillion+ a possible $17 trillion for reparations.

Bernie Sanders

HEALTH CARE

He proposes a single payer Medicare for all Program that is estimated to cost $32 trillion over a decade.

COLLEGE FOR ALL

He wants to eliminate Undergraduate Tuition at 4-year Public Colleges and Universities.  This legislation would provide $47 billion per year to states.

CANCEL STUDENT DEBT

Bernie Sanders plan to erase the country’s outstanding student loan debt is estimated to cost $2.2 trillion.

JOBS FOR ALL

Sanders wants the government to provide guaranteed jobs at $15 an hour. Its estimated cost is between $1 trillion to $2 trillion.

GREEN NEW DEAL

He supports the Green New Deal. Estimated cost: $50 to $90 trillion

STUDY REPARATIONS

 Reparations for African Americans. Estimated cost $17.1 trillion

TOTAL MINIMUM ESTIMATED COST OF HIS PROPOSALS: $852 trillion + a possible $17 trillion for reparations.

Kamila Harris

GREEN NEW DEAL

 She supports the Green New Deal. Estimated cost: $50 to $90 trillion

 HEALTH CARE FOR ALL

She supports a single payer Medicare for all Program that is estimated to cost $32 trillion over a decade

TEACHERS PAY

She has a plan to give the average teacher a $13,500 salary increase, costing an estimated $315 billion over 10 years.

INCOME INEQUALITY

Her LIFT bill would offer a sizable cash payment to most middle-class households. Estimated cost is $200 billion in the first year or $2 trillion over 10 years.

 STUDY REPARATIONS

 Reparations for African Americans. Estimated cost $17.1 trillion

TOTAL MINIMUM ESTIMATED COST OF HER PROPOSALS: $84trillion + a possible $17 trillion for reparations.

Pete Buttigieg

HEALTH CARE FOR ALL

He supports single payer Medicare for all Program that is estimated to cost $32 trillion over a decade

GREEN NEW DEAL

He supports the Green New Deal. Estimated cost: $50 to $90 trillion

STUDY REPARATIONS

 Reparations for African Americans. Estimated cost $17.1 trillion

TOTAL MINIMUM ESTIMATED COST OF HIS PROPOSALS: $82trillion + a possible $17 trillion for reparations.

The lowest of the above proposals is $82 trillion and the highest is $852 trillion.There are two at $84 trillion, so I will use that figure to describe what would be necessary to pay for them.

It has been said that these programs can be paid for by raising the taxes on “the rich” to 70%, this is not possible. Here are some facts based upon taxes collected in 2016.The total taxable income was $10.2 trillion, the total taxes paid $1.4 trillion. The top 10% paid $1 trillion., which was 71% percent of all taxes paid. If they had been taxed at the 70% rate, they would have paid $3.3 trillion.  Every taxpayer’s income would have had to be taxed at 70% to raise even $7 trillion, and that is not politically possible. It would be very difficult to raise $5 trillion in income taxes, but what would happen if we did?

The Congressional Budget Office (CBO) assumes a baseline budget deficit of $12.4 trillion over the next decade. We currently have a national debt of $22 trillion. So without any changes we can expect to be at least $34 trillion in debt in ten years.

Adding the proposed $84 trillion to that brings it up to $116 trillion! For perspective, a stack of $100 bills worth $1 trillion would be 789 miles high. That debt could never be paid, so what does it mean?

The definition of a Ponzi scheme is “a form of fraud in which belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors” That is reminiscent of our Social Security program. That is what all of these proposed programs are. The recipients of their benefits are the people that will vote for them and the costs will be passed on to the generations that come after them until the whole scheme collapses. We could become like Venezuela. It once had the richest economy in Latin America with the worlds largest proven oil reserves. Then it became a socialist country. In 2018 it had runaway inflation of more than 130,000%

This is how our government could finance this enormous debt. First it would print “New Dollars” worth one hundred “old dollars”. Then would come the “New-new dollars, worth one hundred of those, and so on until they are all worthless. That is the lesson of history going back at least as far as the Roman empire. Their method was to reduce the amount of silver in their coins until no one would accept them anymore, not even their soldiers. The current value of all Unites States gold reserves is about $375 billion. Not one ounce of it supports our currency.

Think about these things when your are in the voting booth.


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