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Saturday, May 14, 2016

Bernie Sanders's proposal will add $21 trillion to the debt


Presidential contender Bernie Sanders' broadly progressive tax and spending proposals would add a whopping $21 trillion to the national debt over the next decade, according to a joint analysis released Monday.

That amount far exceeds the $14 trillion in debt currently owed by the federal government.

The massive additional debt represents the net bill for the Vermont senator's proposals to implement a single-payer health-care system, provide generous long-term care services, provide free public college tuition and paid family leave, and expand Social Security.

Sanders' proposals would cost $33.3 trillion in new spending, mostly from his health-care proposals — more than double the $15.3 trillion in new taxes, mostly on wealthier American households, that he proposes if he's elected president, according to the analysis by the Tax Policy Center.

That difference adds $18 trillion to the federal budget deficit over the course of 10 years, according to the center, a joint venture of the Urban Institute and the Brookings Institution. That amount is equivalent to about 7.5 percent of gross domestic product.

On top of that, the government would be on the hook for $3 trillion in additional interest payments to finance that extra spending, the analysis found.

Bernie Sanders reminds me of white chocolate.  Tantalizing at first, but less appealing as time goes on.

So glad I voted for Hillary.

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