How appealing Bernie Sanders must be to someone who doesn’t understand economics.Everything will be free! Well, it won’t really be free, but he’ll stick it to millionaires and billionaires by raising their taxes to pay for it.
There’s just one problem: even they don’t have enough money to pay for everything Bernie promises them:
So just how expensive would a Sanders presidency be? The estimates vary, but none paint his fiscal policies in a good light. The Wall Street Journal estimated that a Sanders presidency would require the federal government to spend an additional $18 trillion over the next ten years on top of the excessive amount we currently spend.
Health analyst Avik Roy calculated that Bernie’s health plan alone would cost $28 trillion – and that’s just one program.
The truth is, even to make a dent in the fiscal hole his policies will create, Bernie is going to have to raise taxes on everyone. The Tax Foundation’s analysis of the 13.6 trillion in tax increases Bernie has proposed so far has found that it would cost the economy six million jobs.Bernie is going to stick it to the rich, but he won’t be sparing the rest of us.
[Note: This post was authored by The Analytical Economist]