The first comprehensive look at the impact of Bernie Sanders’ tax plan and government spending strategy has been completed, and the results as you will see below, would be AMAZINGLY GOOD for America.
Gerald Friedman, University of Massachusetts Amherst economics professor, did the analysis. The details are incredible. Median household income would be $82,200 by 2026 which is way higher than the $59,300 estimated by the Congressional Budget Office. Poverty would crater to a record low 6 percent, which is less than half of the CBO’s estimate of 13.9 percent. The U.S. economy would grow by 5.3 percent per year, which is more than double the 2.1 percent estimate, and our federal budget deficit would turn into a large surplus by Sanders’ second term. Sound familiar?
Bernie had nothing to do with the commissioning of the work, but his campaign called it “outstanding work.” Friedman described Bernie’s plan as follows:
Like the New Deal of the 1930s, Senator Sanders’ program is designed to do more than merely increase economic activity. It will promote a more just prosperity, broadly-based with a narrowing of economy inequality.
Most importantly, though, is that Friedman notes Sanders’ plan would be more stimulative because it moves money into the economy via government spending, rather than simply cutting taxes for billionaires. The “all money to the top” theory behind trickle-down has been disproven for the past 40 years. It has to end. Having more money given to people that already have more money than God will do nothing for regular people. Bernie’s plan forces the cash to flow back down – which is the only way that the economy can possibly function. When regular people consistently have more money to spend, it creates demand which creates jobs. The simplest of capitalist theories has been completely abandoned by Republicans, and the socialist is the only one to recognize and embrace it. How weird is that?
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