Andrew Yang wants the government to give every adult in America a thousand bucks a month. There are around 250,000,000 of us, so that works out to about $3 trillion a year and would not quite double federal spending. (That’s roughly $3.8 trillion.) He would pay for it with a value added tax that he estimates would bring in less than a trillion dollars a year.
Math is hard, so I’m not sure how that works out in the real world, but I was able to do the math necessary to see the federal government already costs the average adult American over $15,000 a year.
Let’s assume that we’re willing to give kids a free ride until they reach 18. In that case, the average adult’s fair share (that is, the average tax rate) should be whatever proportion $15,000 is of the average income. Average income is about $47,000, so that implies a combined federal (FICA, income, excise, VAT, whatever) tax rate in the range of 32 percent. There aren’t enough rich to soak with the 70 percent max rate proposed by one of the B-Card Democrats won’t pull the average up that high.
Socialist governments traditionally do make a financial mess. They always run out of other people’s money. It’s quite a characteristic of them.