Can we slow down for a minute? The Democratic debates were pretty wild. They threw around some major policy proposals, and everyone is just cruising past the proposals without really analyzing them. Are any of them feasible? Possible? Or, are we just going to vote for things that sound nice? That never got Russia or China in trouble . . .
Let’s just look at one popular idea on the left: universal health care. There are many ways to implement such a policy. No matter which one you choose, it’s going to cost at least $3 trillion a year ($30 trillion in 10 years). That’s a lot of money. In fact, it would roughly double the current federal budget, and we operated at nearly a trillion-dollar deficit last year.
Of course, the Democrats are saying that they’ll tax the rich to pay for it. Well, the combined net worth of every billionaire on the planet is about $7 trillion. Keep in mind that three-quarters of these people exist outside of U.S. tax code and liability. Even if we pretend otherwise, this isn’t enough money to fund Medicare for all for three years. What do we do when the reach people run out of money to tax?
In reality, a 100-percent wealth tax in the U.S. couldn’t fund even one year of Medicare for all. Still, every single Democratic candidate is supporting this idea. Here’s the bad news: this is probably the sanest proposal they are championing. If you want to see how much worse it gets, watch the video.
