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Bernie Sanders’ $18 Trillion Plan for America

This is a syndicated repost published with the permission of Money Morning. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

 

According to a report from The Wall Street Journal, Bernie Sanders’ plan for the United States could end up costing as much as $18 trillion over a 10-year span.

bernieA whopping $15 trillion over 10 years would be spent on implementing a single-payer healthcare system in the United States.

Sanders campaign says that another $1.2 trillion would be spent bolstering social security, while $1 trillion would go to rebuilding America’s crumbling infrastructure.

“Smaller” expenses include $750 billion for tuition-free public colleges, $319 billion for extended paid family and medical leave, $29 billion for supporting private pension funds, and $5.5 billion for a new youth jobs initiative.

All told, Bernie Sanders‘ plan calls for an increase in federal spending to a total of $68 trillion over the next decade. According to The Journal, that’s an increase of nearly 33%.

Sanders disputed the report shortly after it was released, maintaining that some of the figures were greatly exaggerated. According to University of Massachusetts Professor of Economics Gerald Friedman – whose research was used in The Journal‘s report – Bernie Sanders’ plan for healthcare would actually cost much less than the current Affordable Care Act system. He estimates the current healthcare model would cost as much as $42 trillion over the next decade.

Regardless of the final numbers, it’s certain that Bernie Sanders’ plan includes a larger government. According to The Journal, the plan represents the largest peacetime government expansion in U.S. history.

In order to fund his plan, Sanders has called for tax increases, including a new payroll tax on employers and employees. However, the employer would no longer have to cover employees’ insurance.

The junior U.S. Senator from Vermont defines himself as a “democratic socialist” and has been climbing in the polls for months. According to a new poll by CNN/ORC, Sanders currently has 24% of the Democratic vote, compared to 42% for Hillary Clinton. In August, Sanders had just 17% of the vote.

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The post Bernie Sanders’ Plan for America Could Cost $18 Trillion appeared first on Money Morning. Reposted with permission.

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