Daily Caller

All Of Bernie Sanders’ Plans Combined Could Total A Whopping $97.5 Trillion Over 10 Years: Report

Audrey Conklin on October 15, 2019

2020 Democratic presidential candidate Bernie Sanders’ various spending proposals amount to a total of $97.5 trillion over 10 years.

Total government spending could jump to as much as 70% of GDP under Sanders’ spending plans and 50% of the U.S. workforce would work for the government, the Manhattan-based news outlet City-Journal reported Monday.

The U.S. budget deficit could reach $90 trillion over 10 years under all of Sanders’ plans, even though Federal Government spending is already projected to reach $60 trillion and state and local government spending is projected to reach $29.7 trillion, according to the City-Journal citing a report from the Congressional Budget Office.

Additionally, the budget deficit over 10 years could reach $90 trillion, and annual budget deficits could exceed 30% of GDP, the City-Journal reported.

Sanders’ Medicare For All plan would cost about $32 trillion over 10 years, according to two studies — one by the Mercatus Center and another by the Urban Institute — though the Vermont senator himself said the plan could cost “somewhere between $30 and $40 trillion over a 10-year period” in a July interview with Washington Post reporter Robert Costa.

His climate change plan could amount to $16.9 trillion and aims to create 20 million jobs, and his plan to guarantee all Americans full-time government jobs that pay $15-per-hour plus benefits could cost $30.1 trillion.

The last $11.1 trillion would come from his $3 trillion plan to make public colleges free and forgive all student loan debt, $1.8 trillion Social Security expansion plan, $2.5 trillion housing plan, $1.6 trillion paid family leave plan, $1 trillion infrastructure plan, $800 billion K-12 education plan and $400 billion higher-education teacher salary plan, according to City-Journal.

These programs would also double the amount of Americans who work for the Federal Government, the City-Journal reported.

Taxes on the country’s wealthiest families would also increase significantly under a Sanders administration. His wealth tax, introduced on Sept. 24, aims to raise $4.35 trillion over 10 years. To do so, an annual 1% tax would be implemented on a net worth of over $32 million, and that percentage would increase by marginal rates until it reaches 8% on net worth over $10 billion.

The Vermont senator‘s tax would be applied to accumulated wealth instead of just income, which would cut the average billionaire’s wealth in half in 15 years, The New York Times reported citing two economists who helped create the Vermont senator’s plan.

“I don’t think that billionaires should exist,” Sanders told The NYT. “This proposal does not eliminate billionaires, but it eliminates a lot of the wealth that billionaires have, and I think that’s exactly what we should be doing.”

The Sanders campaign did not immediately respond to the Daily Caller News Foundation’s request for comment.

Daily Caller

DCwire features investigative reporting syndicated with permission from the Daily Caller News Foundation.

View Comments

  • Based on previous government projects, to get a truer picture, you need to triple the costs and halve the benefits. Yang pointed out at the debate that wealth tax has been tried and discarded as failure in Europe. Even if successful, what do you do after 15 years and most of the wealth is gone? Besides which a wealth tax is unconstitutional, not that being illegal stops the Democrats. Quote: "The Vermont senator‘s tax would be applied to accumulated wealth instead of just income..." Who values the art work, antique cars, stamps, etc? Do you use what was paid for them, insurance value, or estimated auction price? What happens when all of the cash and other liquid assets have been turned over to the government for taxes; does the government at that time seize the art, etc and sell it at auction?

  • "Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience." - C.S. Lewis

  • senile old Bolshevik Comrade Bernie "honeymoon in Moscow" Sanders. sold out for a free house courtesy of the DNC and Shrillery. says he isn't in favor of Cuban or Venezuelan style "socialism". but there is plenty of video of him out there sayin quite the opposite. notice the Hollywierd Elite have grown silent on their beloved socialist utopias also. Bernie says he now prefers Swedish Socialism. the Prim Minister of Sweden recently ask Bernie to stop calling Sweden a socialist country. with Bernie's great affection for the old Soviet Union I think we know what kind of govt he favors. Marist/Leninist/Stalinist.

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