BUSTED: Bernie Sanders' Plan - Why The Math Doesn't Work!
Bernie Claus promises a lot of free stuff! But is ANY of it financially viable? Does his plan WORK? Well with with the help of a calculator and some common sense, we crunched the numbers.
Watch and be ignorant no more...
Now some of you think that the spending vs revenue math is more complex than people lead on, maybe so. But allow me to start off with an absolute: If you cut the United States military ENTIRELY and taxes all earnings over 1Million dollars at 100%... You still couldn’t pay for this...
So disregarding the fact that no wealthy people would work for free, the horrible negative economic ramifications of punishing small business owners and that frankly a 100% tax is absurd, you’ve got to find another way to generate revenue. So what do you do? Would probably have to start by widening the swath from the top 1% to increasing taxes on the top 5%. Those bastards can afford it! What defines top 5%? Any households earning $190,000 or more. Damn. I thought they’d have more. Well what if we just take almost everything from the top 10% of earners?Top 10% in the United States is any household earnings over $150,000. Not exactly the fat cats you thought, huh? Still, for the greater good, they can afford to have more, or all of their stuff taken, right?
Haven't had enough Bernie Sanders for the day? Arm yourself below!
- Sanders plan would cost $18 trillion: http://www.wsj.com/articles/price-tag-of-bernie-sanders-proposals-18-trillion-1442271511
- Here's our piece: https://www.louderwithcrowder.com/math-the-exact-price-tag-of-all-bernie-sanders-proposed-free-stuff/
- Sanders plan math problems: http://www.dailykos.com/story/2015/05/29/1388484/-Bernie-Sanders-big-idea-has-a-math-problem
- "even if one accepts that $6.5 trillion in taxes can be realized, that leaves us about $11.5 trillion short" http://hotair.com/archives/2015/09/15/pricing-the-bern-wsj-puts-sanders-proposals-at-18-trillion-over-10-years/
- Examples of gov't programs that cost more than expected:
- Student loan forgiveness (90% over budget): http://consumerist.com/2015/02/06/federal-student-loan-forgiveness-plans-cost-govt-nearly-22b-more-than-expected/
- New Medicaid beneficiaries: http://www.modernhealthcare.com/article/20150710/NEWS/150719984
- Obamacare: http://www.wsj.com/articles/cost-of-covering-new-people-under-aca-significantly-higher-than-expected-1436571837
- Military funding:
- Makes up 54% of discretionary spending: https://www.nationalpriorities.org/campaigns/military-spending-united-states/
- However, military spending is only 18% of total budget: http://www.cbpp.org/research/policy-basics-where-do-our-federal-tax-dollars-go
- Receives roughly same as Social Security, but less than medicare/medicaid: http://www.washingtonpost.com/news/wonkblog/wp/2013/01/07/everything-chuck-hagel-needs-to-know-about-the-defense-budget-in-charts/
- Strictly in terms of Dollars, we spend more on military than next seven countries, combined: http://pgpf.org/Chart-Archive/0053_defense-comparison
- US ranks 4th worldwide with regard to military spending as a percent of GDP: http://www.forbes.com/sites/niallmccarthy/2015/06/25/the-biggest-military-budgets-as-a-percentage-of-gdp-infographic-2/
- Military spending has increased more in China, Russia, Saudi Arabia, Turkey, etc. than in US last 7 years: http://www.militarytimes.com/story/military/2015/04/14/china-russia-military-spending-surges/25770921/
- The US is dominant on the world stage for a reason: http://www.businessinsider.com/chart-of-defense-spending-by-country-2014-2
- Historical tax rates/consequences:
- "High" tax rate myth of 1950's: http://www.manhattan-institute.org/html/ib_19.htm#.VhWLZHpViko
- Nearly every empirical study of taxes and economic growth published in a peer reviewed academic journal finds that tax increases harm economic growth: http://taxfoundation.org/article/what-evidence-taxes-and-growth
- Norway not a great example of high tax success: http://www.sovereignman.com/expat/why-norway-is-a-bs-argument-for-higher-taxes-8235/
- Greece has 46% income tax rate... obvious how that worked out: http://www.tradingeconomics.com/greece/personal-income-tax-rate and government has trouble collecting taxes: http://www.wsj.com/articles/greece-struggles-to-get-citizens-to-pay-their-taxes-1424867495