Bernie Sanders is proposing a national health care system commonly referred to as Medicare for All. The low-side estimates of the program’s cost are around 3 trillion dollars a year.
Michael Bloomberg’s net worth is estimated to be about 62 billion dollars. If Bernie were to confiscate all of that wealth (and it could be liquidated as cash), he could pay for a week of his proposed program. If he could similarly liquidate the fortunes of the ten richest Americans, he wouldn’t find enough money to run Medicare for three months. And he would have destroyed productive assets that would generate further cash flow to fund the system. Even if he kept the seized assets as an investment portfolio (equivalent to a 100 percent income tax rate), a reasonable long-term rate of return would only provide for a week-and-half of Medicare for all each week.
The other 95 percent of the money required would exceed the government’s current income from taxes, so bringing Medicare for All online while maintaining something near the current level of other government services would require at least doubling the current total amount of federal taxation. If the billionaires have had their assets seized so that they have nothing left to be taxed, who do you think is left to be taxed? Cleaning out the millionaires won’t produce the same windfall as billionaires. If it’s still possible to pay wages at the current level after much of the productive investment in the economy is destroyed, then the average citizen’s share of the federal tax burden would likely rise to above 33 percent of personal income.
And then we’d have to figure out how to pay for the Green Nude Eel.
Stephen Kruiser has a post over at PJ Media about Bernie Sanders’ careless attitude concerning the job losses that would result from his version of the Green Nude Eel. BTW, his version is larger and more voracious than She Guevara’s.
Bernie has admitted that “free” health care will cost more in taxes. And he wants to impose “free” college and other “free” stuff as well. What he and the other socialists running for President can’t seem to explain is where they’ll get all that other-peoples’s-money necessary to pay for the “free” goodies.
The people who call themselves the believers in science aren’t big believers in math. That lack of belief in math is where the socialist train always ends up going off the rails.
Pacific Gas & Electric is seriously looking at power blackouts this summer. Bloomberg reports that
A plan by California’s biggest utility to cut power on high-wind days during the onrushing wildfire season could plunge millions of residents into darkness. And most people aren’t ready.
The plan by PG&E Corp. comes after the bankrupt utility said a transmission line that snapped in windy weather probably started last year’s Camp Fire, the deadliest in state history. While the plan may end one problem, it creates another as Californians seek ways to deal with what some fear could be days and days of blackouts.
Some residents are turning to other power sources, a boon for home battery systems marketed by Sunrun Inc., Tesla Inc. and Vivint Solar Inc. But the numbers of those systems in use are relatively small when compared with PG&E’s 5.4 million customers.
I’m so old, I remember when Reality was supposed to have a “liberal bias.”And Reality has been doing violence to much of the Left’s cherished agenda for the past few days.
Leftist ideas can’t withstand debate. Leftists know that, which is why they’re always trying to silence their opponents, generally in the name of some sort of decency or compassion that they themselves spectacularly lack.
As noted in the Babylon Bee, Republicans colluded with Reality to defeat the Green Nude Eel. The vote was 0-57. All of the Republicans voted against it, as did three Democrats and one Independent. All the other Democrats and the other Independent voted “present.” That included the bill’s sponsor and all its cosponsors. It included all the senators who had endorsed the Green Nude Eel in connection with their candidacies for the party’s 2020 presidential nomination.
These remarks by Senator Lee (R-UT) are a fair summary of the Republican objections to the bill.
The Second Law of Thermodynamics was available for comment and noted, “There ain’t no such thing as a free lunch.”
All we have to do is adopt the magic of so-called New Monetary Theory which states that a government that borrows in its own currency doesn’t need to worry about debt because it can print money to pay the debt. If the Green Nude Eel is only going to cost around 90 trillion bucks and we use one of these, we should have change coming.
Of course, that’s not how money works. Things didn’t work out well for Rome when it debased its money, and over the last century, we’ve seen what happened in the Weimar Republic and Zimbabwe and, currently, Venezuela. As John Hinderacker points out in a post at PowerLine, Modern Monetary Theory is universally regarded by economists as a crackpot idea.
So it’s unanimous: Modern Monetary Theory, the Democratic Party’s latest ticket to the promised land, is a fraud. And not a modern one, either.
Speaking of socialism…I heard an observation yesterday, in the context of Venezuela, that was striking and true. If I could remember who said it, I would credit him. Here it is:
You can vote your way into socialism, but you have to shoot your way out.
Another reason why we need the Second Amendment.
As Ben Franklin said when asked what kind of government was being formed at the Constitutional Convention, “A republic if you can keep it.”
The Foundation for Economic Education has a post up explaining how the rich could pay for that list of Progressive freebies: $47 billion on free college tuition; $1 trillion for new infrastructure; $1.4 trillion to write off student loan debt; at least $7 trillion on a Green New Deal; $32 trillion on “Medicare for All.” We can simply adopt tax schemes similar to those used in countries such as France, Denmark, Sweden, and Finland.
If Rep. Ocasio-Cortez and Sen. Warren want the federal government to collect European shares of national income, they will have to adopt European tax systems. That means higher income taxes on the middle class, higher payroll taxes, and higher consumption taxes. According to the Congressional Budget Office, raising $32 trillion in tax revenue would require adding 36 percentage points to the marginal tax rate of every federal income taxpayer in the United States. Not just the rich—everyone. The single woman earning $82,500 and the couple earning $165,000 would see their rates soar from 24 percent to 60 percent.
To borrow from P. J. O’Rourke, the good news is that the rich will pay for everything. The bad news is that you’re rich.
Finland collects about 43 percent of GDP in taxes, and that isn’t enough. Fuzzy Slippers reports at Legal Insurrection that Finland’s government has collapsed because of the cost of universal health care: #Bernie2020 hardest hit.
Finland has long been touted by American socialists as the socialist Nirvana, where everything is free and everyone is happy, happy, happy. Sadly, fiscal reality hit Finland’s government as it collapsed Friday due to the rising costs of its universal health care.
The warning signs were on the wall last spring when Finland … ended its experiment with “universal basic income.”
Bernie Sanders (I-VT), who has been hanging his socialist mantle on the “success” of Finland’s socialist structure, may be the hardest hit.