Bernie Sanders released a fact-sheet Monday evening explaining how he will pay for all those freebies. He will raise taxes and sue — massively, among other methods. That should cause disruption and misery throughout the nation.
The senator from Vermont is trying to get ahead of complaints that he has unrealistic economic plans. This follows his eyebrow-raising CBS News interview in which he stood up for Castro’s Cuba and appeared to have no idea how he will pay for his grand programs.
His fact-sheet highlights his reliance on conjecture to cover costs. For example, he claims his Green New Deal will create “20 million new jobs,” thus ensuring $2.3 trillion in “new income tax revenue.” What jobs? He doesn’t say.
Because he’s “averting climate catastrophe,” he says, it will save $2.9 trillion over ten years, $21 trillion over 30 years, and $70.4 trillion over 80 years.”
Huh? Where are these figures coming from? What catastrophe? Where’s the spreadsheet.
To pay for his Medicare For All, he will have employees pay a 4 percent income-based premium, exempting the first $29,000 for a family of four, and he will impose a 7.5 percent income-based premium paid by employers, exempting the first $1 million.
He wants housing to become a human right and has a $2.5 trillion plan for his Housing for All. The wealth tax will pay for that.
The $2.2 trillion for free college and trade schools will be paid for by a tax on Wall Street.
Bernie will expand Social Security welfare and the wealthiest Americans will pay for that.
A wealth tax will pay for free childcare and pre-school.
He will pay off everyone’s medical debt by taxing large corporations.
The top corporate tax rate will go back up to 35%. There are other taxes, including the death tax.
He will sue the fossil fuel industry, push them towards alternative energy, and that will somehow create 20 million jobs.
It’s insane. It is still clear he has no idea how he is going to pay for this. He’s an economic illiterate.
The wealthy and corporations will simply leave the country.