To suggest that Elizabeth Warren won the fourth Democratic debate is an utter fallacy. It was evident once again, as she dodged several key questions, that the Democrat is simply attempting to manipulate a vulnerable America once more.
Through all of the side-stepping and manipulating, however, the experienced political throttlebottom did make one thing clear: she will kill the economy, and she’ll do so by affecting the very people she claims to fight for, which is middle-class America.
By utilizing her proposed wealth tax, which is a 2% tax on households worth more than $50 million, a 3% tax on people worth over $100 million, and a corporate profits tax, Warren asserts that she could cancel all student loan debt, make public universities tuition-free, expand social security, and provide universal childcare and healthcare to every American. Her so-called wealth tax would generate $375 billion per year, according to her, but even that estimate is hoping for the best.
According to her campaign’s website, Warren says that her “Affordable Higher Education For All” plan could cancel student loan debt for 95% of Americans. She claims that student loan debt cancellation would take place for ten years. Although her website doesn’t give an exact amount regarding the total cost, based upon the total number of Americans with student loan debt, the price would add up to at least $210 billion per year.
Alongside her plan to cancel student loan debt, Warren also says that she will provide universal free public college to every American. She says the cost would amount to $1.25 trillion over ten years, so roughly $125 billion each year.
Throughout her campaign, Senator Warren has touted “Universal Child Care,” which, according to her, would provide “high-quality childcare” that’s “free for millions of families and affordable for everyone.”
She fails to give an exact cost on her website, but she does say that the plan would cost four times less than her “Ultra-Millionaire Tax,” which, according to her, would generate $275 billion per year. From that, the cost of universal childcare would be roughly $68 billion each year.
Warren also says that she will expand social security. Her plan would immediately increase social security benefits to $2,400 a year, according to her website. Along with that, she says she would “update outdated rules to further increase benefits for lower-income families, women, people with disabilities, public-sector workers, and people of color.”
An estimated 68 million people are benefiting from social security. In the fiscal year 2018, through taxation, the government received $1.102 trillion to fund social security. Warren’s plan would increase social security to $1.265 trillion.
Warren’s most significant plan is “Medicare-for-all.” She didn’t formulate this plan, but she endorsed it. Although she has yet to admit to how much universal healthcare would cost, many studies have shown it will require a hefty amount. According to the Urban Institute, the plan would total $32 trillion over ten years, which would cost roughly $3.2 trillion per year.
Warren’s plans would cost a whopping $4.868 trillion every year, which is a scary number to consider. Furthermore, when you think about the national debt, it’s even more troubling.
Currently, the national debt stands at $22 trillion. The Congressional Budget Office projects that interest payments will increase to $389 billion in the fiscal year 2019, and they could quickly grow to $914 billion in 2028.
If you add the price of the national debt, at minimum, with Warren’s plans alone, the federal government could very well spend up to $5.2 trillion.
Warren claims that her plans will not increase middle-class Americans’ taxes. However, it’s quite evident that taxes would have to rise to pay for these plans. If they didn’t grow, the federal government’s annual deficit would rise, interest payments on the national debt would spike, and the economy could collapse permanently.