Elizabeth Warren has a plan for everything, and she loves to talk about them.
The one part she often leaves out is the cost.
There’s a very good reason for that.
Nonpartisan Analysis: Elizabeth Warren’s List of ‘Plans’ Would Literally Double the Entire Federal Budget
It’s always fun watching journalists who rooted for Barack Obama for eight years, and who are now rooting for Elizabeth Warren, concern trolling about deficits and the national debt. It’s the mirror effect of erstwhile Tea Partiers having nothing to say as both arrows are pointed inexorably northward under another Republican president. To be clear, the deficit is ballooning in a truly alarming way, given that the economy is in good shape and we’re at relative peace…
But contra the center-left conventional wisdom (which was perfectly fine with runaway deficits and astonishing debt accrual back when Barack was running the show), the 2017 tax cuts and reform law is not responsible for the expanding sea red ink, as the graphic above implies. Government revenues are up. Put bluntly and accurately, Washington has a spending problem.
That’s what the math shows, period. Warren’s newsroom cheerleaders feign concern about ‘unpaid-for’ tax cuts, which allow families and businesses to keep more of the money they earn, yet they’re endlessly delighted by the Massachusetts Senator’s supposed wonky “plans” — nearly all of which amount to more spending, more taxing, and more government control. And she’s racking up a “staggering” tab:
— Charlie Sykes (@SykesCharlie) October 25, 2019
Is there any wonder why Warren keeps dodging questions about whether her plans will raise taxes?
From Yahoo Finance:
Altogether, the Massachusetts senator’s agenda would require $4.2 trillion per year in new federal spending, and a like amount in new taxes, if she paid for everything without issuing new debt. The federal government currently spends about $4.4 trillion per year, so Warren’s plans would nearly double federal spending.
The Treasury takes in about $3.4 trillion in tax revenue each year, so if Warren levied new taxes to pay for everything, federal taxation would rise by 124%. She could pay for some of her plans by issuing new debt instead of raising taxes, but with annual deficits close to $1 trillion already, that might be unwise.
The biggest chunk of new spending in Warren’s agenda, by far, would be Medicare for all, the single-payer health plan she would impose to replace all private insurance. Warren explains how she would pay for all of her plans—except this one.
Warren would be a disaster for the economy.
Not to mention taxpayers.