Back in September, a writer for the Wall Street Journal calculated that the cost of Bernie Sanders’ proposals would be an additional $18 trillion over the next ten years. To restate – that’s $18 trillion in addition to our current out-of-control levels of Federal spending.So, how are we going to pay for it?
Bernie would tell us raising taxes is the answer. But here’s another problem: hardly anyone is going to be working in Bernie’s America to pay those taxes. That’s because, as reported by The Libertarian Republic, we’ll be taking a break from our vacations to work under Bernie’s plan:Just when you thought Bernie couldn’t get any more economically clueless, a post from last June indicate not only wants to decrease the work year by 12 entire weeks, but he’s willing to raise taxes on all people to do it. Ignoring what this would do the economy, it seems more apparent each passing day that Bernie is more fascinated with intent rather than results.
In my view, every worker in America should be guaranteed at least 12 weeks of paid family and medical leave.
— Bernie Sanders (@BernieSanders) June 14, 2015
For those who don’t know, 12 weeks in practically a quarter of the year. That means, not only will employers see this as yet another barrier to hiring people, but on top of that, if everyone took 12 weeks off it would be a 25 percent decrease in work production. That’s a quarter of our GDP down the drain. Not only that, but employers are required to pay people for not generating anything; another hit to profits that could be used to hire new people. Workers are hired to work. Why would employers want to hire someone to go on vacation?
By comparison, even the country with the most generous time off policies in Europe, Austria, only guarantees a total of five weeks, when you combine paid vacation days plus paid holidays.
I suppose selling your plan as “12 weeks paid vacation” sounds much better than “make the nation 25 percent poorer overnight.”We’re only a wealthy nation because of what we produce. Even Sanders must realize that there’s going to be less wealth available to redistribute to the poor under his plan.
The old saying is that socialism works well until you run out of other people’s money, and Sanders is determined to burn through that money as fast as possible.
[Note: This post was authored by The Analytical Economist]