Under pressure to explain how she is going to pay for her Medicare-For-All plan – and all those other giveaways she is proposing – Massachusetts Senator Elizabeth Warren has promised to provide a detailed plan to pay for the $30-plus trillion for MFA over ten years, but that still leaves another $40 trillion hole in the budget for all that other stuff she promises.
Before we go further, I need to introduce you to one of “Larry’s Laws of Governance.” In this case, I refer to:
“Whenever dealing with government funding, the amount of income projected to be generated in the proposals will fall short and the costs will far exceed all projections.”
We are not talking about a rounding error. No. No. No. The projected income will be fractional, and the cost overruns will be in the multiples – 100, 200, 500 or even 1000 percent.
Keeping that fact in mind, consider the Warren craziness.
Uncle Sam spends between $4 and $5 trillion per year. He taxes up around $3.5 trillion. The difference is that $1 trillion-per-year deficit you read about – the amount we pass on to our kids and grandkids in the form of the National Debt – which is about $22 trillion at this time.
Over the next ten years, the Warren plan would put another $3 trillion cost each year. And if you add in all her other promises, it adds up to $7 trillion in costs each year.
The Warren plans are unattainable and unsustainable. She is playing with Monopoly money.
Sometime soon, Warren will come up with her plan to pay for all of this. Why? Because she has to. Every one of her presidential competitors is saying that the Warren plans are impossible to fund. If she cannot convince we the people that she has a REAL plan to pay for all those goodies, her credibility – and her campaign – will suffer.
So, there will be a plan. She will talk about a wealth tax, a progressive income tax, increased corporate taxes. She will have some charts to show how taxes will produce an unprecedented trillions of dollars without impacting on the all-important middle class. None of that will cover the costs. Not even close.
Her wealth tax will look good on paper to the gullible. As presidential candidate Andrew Yang pointed out, it has been tried in several countries – and was repealed as an utter failure.
Warren will sock it to the big bad corporations, but she will fail to note that corporations do not ultimately pay the taxes. They simply pass that cost onto the consumer. As I have noted many times in my commentaries, a tax on businesses is actually a regressive tax on all consumers. When the tax is increased on gasoline, you see the price increase reflected at the pump. That is true of all corporate taxes. Buy a shirt, hire an attorney or rent an apartment and YOU will pay their business taxes.
Warren will soon be presenting her latest big lie. Like any con man (or woman), Warren is about to flimflam the American public with her kinetic energy and a bunch of funny numbers. When she reveals here scheme, let us all keep in mind the admonition that “if it sounds too good to be true, it will not be.”
So, there ‘tis.
Is this Warren ding bat on drugs !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
As for good ‘ole liz ‘faucohontas’ warren she’s definitely a dingbat and possibly on drugs, really who gives a rats ass about this liberal old hag? This can be said with said with some certainty about all the liberal buffoons running for president promising ‘free this and free that’ without any feasible means to pay for it but tax the middle class into poverty. nothing new here, same liberal ‘giveaway the store and just about everything else’ ‘socialist BS.
Really, isn’t this just more liberal socialist ‘giveaway the store and just about everything else’ BULLS**T? All of the ‘dumbocrap’ buffoons aka liberals running for president have absolutely no feasible plans to move America forward and do anything positive for the middle class other than tax them into poverty. So what else’s new here? If the 8 year ‘liberal administration’ of 2008 – 2016 actually ‘financial rape of America’s middle class’ by the liberal ‘obozo’ and his cronies, who by the way got obscenely rich while the rest of America got SQUAT weren’t enough to convince people the liberals were and are all about the liberals and their attitude ‘screw America and the American people, they need to go back to school. These lying buffoons must think the American people are stupid and will go for all this ‘free this and free that’. without realizing there’s nothing in life that’s free. This will eventually be paid for by the middle class like these things always have been paid for by the middle class, not the corporations who will just raise the prices of goods and services and’ll pass these costs on to their customers. Stay tuned kiddies, the party’s just getting started and unlike a television soap opera, it’ right here in America and not some imaginary ‘make believe’ place like Port Charles’. Wake up America, it’s later than you think