A new study from a far-left outlet reveals that the entitlement programs promoted by Democratic socialists would roughly cost the United States a jaw-dropping $218 trillion over the next 30 years.
That’s “trillion,” with a “T,” and it would also result in an estimated 40 percent of America’s total GDP being allocated to give socialists like Sen. Bernie Sanders and Alexandria Ocasio-Cortez what they want, such as “free” healthcare, housing, and education for everyone.
All of that is detailed in a lengthy report from Vox, where the author admits that in order to pay for the socialist giveaways, the federal government would be forced to make dramatic cuts across the board in areas such as Defense spending to help pay for it all. And the government would have to raise taxes substantially across the board.
In the piece, Brian Riedl states that there are legitimate questions about whether the U.S. economy and federal government could survive if Sanders and Ocasio-Cortez’s ideas were put into place.
Fed spending would immediately hit 40% of GDP, on way to 50% by 2048.
Total govt spending at all levels would eventually approach 60% of GDP – exceeding all of Europe.
— Brian Riedl (@Brian_Riedl) August 7, 2018
Here’s part of the Vox report, and how it compares to the current GDP:
From that baseline, Sanders has proposed a Social Security expansion, including higher cost-of-living adjustments and higher minimum benefit levels, that the liberal Tax Policy Center estimates will cost $188 billion over the next decade. The Center also scores the Sanders “free college” proposal at $807 billion over the next decade.
Total cost: $42.5 trillion in new proposals over the next decade, on top of the $12.4 trillion baseline deficit.
The 30-year projected tab for these programs is even more staggering: new proposals costing $218 trillion, on top of an $84 trillion baseline deficit driven by Social Security, Medicare, and the resulting interest costs.
Vox rounds out its piece with a sobering reminder:
“The democratic socialists may do well in November. Yet upon arriving in Washington, they will discover that even their revolution cannot repeal the laws of math.”
The shocking analysis from Vox comes after study from the Mercatus Center at George Mason University found that the Sanders/Ocasio-Cortez “Medicare For All” idea would increase government health care spending by $32.6 trillion over 10 years.
Overall, the study found that Sanders’ plan would save money on administration and drug costs, but it would skyrocket the demand for medical care, drive up spending, result in other government programs not receiving funding, and could result in a total economic collapse.
Sanders-style Medicare-for-All would cost $32.6 TRILLION. That's:
-Nearly twice our annual GDP
-54x our annual defense spending
-Over 8x our annual federal budget
-281x the private sector's annual medical R&D investment
-867x the federal government's annual medical R&D investment https://t.co/YhCaF9it6Z
— Tiana Lowe (@TianaTheFirst) July 30, 2018
Bernie Sanders never put together an estimate for his "Medicare for All" plan. So the Mercatus Center did. The price tag is $32 TRILLION. https://t.co/YnLYF5Lpkt
— Amanda Carpenter (@amandacarpenter) July 30, 2018
Sanders’ plan is often referred to as “single payer” by other Democrats, which means the federal government essentially swallows up the entire health market. While getting “free” Medicare and health benefits sounds appealing, Sanders and other notable socialists like Ocasio-Cortez fail to mention how taxpayers will be stuck footing the $32.6 trillion bill over 10 years.
Like Sanders, Ocasio-Cortez also wants to raise taxes across the board, take more money from hard-working Americans, and close all of the loopholes used by entities and people to pay for her radical ideas.
Ocasio-Cortez and Sanders apparently desperately want America to look like Venezuela, where socialist practices have completely depleted the nation and run it into the ground.
As these radical ideologies and ideas are being heralded by the Left, these new studies illustrate how catastrophic these radical plans would be on the nation and federal government.