WaEx:
Massachusetts Sen. Elizabeth Warren is scrambling to figure out how she would pay for a “Medicare for all” proposal without raising taxes on the middle class. But even if she were to confiscate the wealth of all of the billionaires in the United States, it wouldn’t even pay for three average years of Vermont Sen. Bernie Sanders’s plan to socialize health insurance that she supports.
The liberal Urban Institute has calculated that a plan along the lines of what Sanders and Warren are advocating would raise federal spending by $34 trillion over a decade. The study does not include a year-by-year breakdown, but the average annual cost over 10 years would thus be $3.4 trillion, or $10.2 trillion for three years.
Yet earlier this year, Forbes estimated that the 2,153 billionaires in the U.S. have a collective net worth of $8.7 trillion. That means even if the government were to magically vacuum up all of their wealth without any economic distortion, it wouldn’t even pay for a third of the cost of the plan in the coming decade. read more
Great idea, do you think they’d fall for it???
It’s a moot point.
If the Commie ever got his way all the Billionaires would be outta here in less than one!
Like TRF said, it doesn’t matter.
The only thing that matters to a liberal, numb-minded commie Asshole is that THEY are in power.
This type of headline is really dumb. Billionaires don’t have a billion in cash in their sock drawer, it’s in factories and real estate and refineries and trucks and trains and warehouses, etc. When the socialists confiscate from the wealthy, they take their companies and transportation and such which then stops producing withing a short time. That’s how you go from prosperity to people picking through garbage and waiting 4 hours a day in bread lines.
I once calculated that if the government confiscated ALL the wealth of the Forbes 400, it would just be a drop in the bucket toward paying off our debt. Just for kicks, I looked it up again. For 2019:
The Forbes 400 richest Americans are worth a record-breaking $2.96 trillion.
US National debt (on the books they want us to see) 23 trillion. So, no matter how many billionaires you fleece, it’s just never gonna be enough.
AOC has a plan – add more billionaires.
Medicare for All is so stupid,
Congress should have adopted it years ago!