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Politics

Warren's $4.2 Trillion 'Free' Stuff

Adding up all of the Democrat's proposals yields some really eye-popping numbers.

Lewis Morris · Oct. 29, 2019

Democrat presidential candidate Elizabeth Warren is never at a shortage of ideas — making college “free,” Medicare for All, expanding Social Security, ramping up subsidized housing, and converting to a “clean energy” economy just to name a few. But all that “free” stuff is going to be unbelievably pricey, especially when put together.

Warren has tried to outbid opponent and fellow socialist Bernie Sanders by doing little more than one-upping the gifts that he promised to voters. And thanks to years of indoctrinating public-school kids into believing that the government exists to give them “free” stuff, Warren is giving Joe Biden — pardon the pun — a run for his money.

Low-information voters who are easily distracted by bright, shiny objects make it very easy for politicians like Warren. She knows only that she wants to remake America into a socialist paradise. (Don’t let the media fool you, Warren is no capitalist).

How Warren intends to pay for her massive income-redistribution schemes is another matter entirely. Those who claim she doesn’t know are missing the point. Warren definitely knows how she will pay for all her programs; she always has. Significantly higher taxes across the board and even more massive deficit spending. How else does the modern federal government pay for anything?

Just for fun, though, it’s worth taking a closer look at the bill Warren plans to foist on the American public should she win the presidency. We’ll start with the small stuff, which includes a $200 per month across the board increase for Social Security recipients at $150 billion. Canceling all existing student-loan debt and establishing “free” public colleges would cost $125 billion. Ramping up housing subsidies has a price tag of $50 billion. Universal child care, $145 billion. Converting to a “green energy” economy would burn roughly $300 billion. And, of course, there’s Medicare for All, which is being lowballed at $3.4 trillion every year.

Add all this up and it comes to roughly $4.2 trillion of even more spending. Per year. Each and every year, Warren’s programs would double the federal budget. The budget is already averaging a $1 trillion annual deficit that no one in Washington cares to notice — Warren least of all, because she “has a plan” on how to pay for all this. Except that no, she doesn’t, even if she does plan on taxing the country within inches of its economic life.

Wealth surtaxes of 2% on fortunes above $50 million, and 3% on fortunes over $1 billion are just for openers. Corporations with profits above $100 million would pay a 7% surtax, and incomes over $250,000 will face an additional 14.8% payroll tax. Warren will also rollback all of the Trump tax cuts, including the middle-class cuts that she says don’t exist.

According to Warren’s static model, her massive tax scheme to cover her massive spending scheme makes it all revenue neutral. No such thing. There is no way that individual investors and corporations will continue operating as before when newly subject to such massive taxes. They will move their money, their factories, and their business to other countries with a more amenable economic climate. Private investment will dry up, and so will business investment and innovation. It’s happened before, and it will assuredly happen again. The inevitable shortfall will be “covered” by raising taxes on the middle class, which will already be paying higher consumer prices after Warren’s pro-“green energy” policies take effect.

Warren hopes to completely reverse gains Donald Trump has made for America. Her policies will disrupt the economy, increase the size and power of government, and take us further down the proverbial road to socialism serfdom. You’ve been warned.

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