Big giveaways sound nice. And blaming the rich works for the left as well. But reality has a harsher tale to tell – like the low-end estimate for the cost of Bernie’s Medicare for all plan. It would erase the net wealth of every US Billionaire in just three years.
The liberal Urban Institute has calculated that a plan along the lines of what Sanders and Warren are advocating would raise federal spending by $34 trillion over a decade. The study does not include a year-by-year breakdown, but the average annual cost over 10 years would thus be $3.4 trillion, or $10.2 trillion for three years.
Yet earlier this year, Forbes estimated that the 2,153 billionaires in the U.S. have a collective net worth of $8.7 trillion. That means even if the government were to magically vacuum up all of their wealth without any economic distortion, it wouldn’t even pay for a third of the cost of the plan in the coming decade.
This begs a few questions.
How do we pay for year four and every year after once we’ve made the rich “pay their fair share?”
What happens as a result of vacuuming up all that investment capital from the economy to burn on a massive government takeover of health care that would go bankrupt before it really got going. Unless it bilked the middle class too?
Well, that’s it isn’t it.
The plan has to tax the middle class. And Bernie admitted as much. But our original scenario provides contrast. There isn’t enough wealth among the ‘Rich’ to also prevent the ruination of the economy. Because what happens when you take significant sums out of the hands of people who invest and take risks that create new products, industries, and jobs? Fewer jobs, lower wages, less money in everyone’s hands to direct into every sector of the economy.
The government eats it all not to create jobs or wealth but to create a dependent working class and the dependents they serve.
And while that sounds bad, it’ll cost more than they say and, it’s only one of many promises from Democrats who are offering you “free” government services with money that doesn’t exist.
Are they that stupid, bad at math, or do they have some other agenda?
Let’s just say they’re not stupid. But they think you are.
