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Bernie Sanders’ Platform May Cost U.S. $40T, Add Trillions in Taxes Over 10 Years

The platform being pushed by Our Revolution, Sanders’ new 501(c)(4) group, would cost tens of trillions and could kill millions of jobs.

Our Revolution – the new 501(c)(4) organization started by Sen. Bernie Sanders (I-VT) – rolled out on Tuesday a platform of eight bills that the group is supporting in the 2017-18 Congress:

Though Our Revolution couches the bills in glowing, aspirational terms, Sanders’ slate of bills would actually cost the U.S. tens of trillions of dollars, raise trillions of dollars in new taxes, and could put an end to millions of American jobs.

COST

Not every bill in Sanders’ platform comes with an astronomical cost. But a few important ones do:

  • Sanders’ Medicare for All plan would cost $32 trillion over 10 years, according to an independent analysis from a D.C. think tank
  • Sanders’ plan for tuition-free college, would cost the federal government around $47 billion a year, or $470 billion over 10 years, according to USA Today
  • It’s unclear what “100% renewable energy” plan Sanders is pushing, but if it’s the Mark Jacobson plan he has praised before, that could cost around $8.3 trillion in its first 10 years

Add that up, and America would see $40 trillion in spending over the next 10 years. That would almost double the current spending CBO projects over the next 10 years, which is about $50 trillion.

TAXES

Of course, Sanders needs to pay for his expensive plans. His platform proposes several new taxes:

  • Sanders’ Medicare for All plan came with at least $10 trillion in new taxes over the next 10 years
  • Sanders also proposes new Wall Street taxes that “would raise at least $600 billion over ten years, and some estimates are much higher

JOBS

Sanders also wants to raise the minimum wage, but estimates from the conservative Heritage Foundation peg national job losses at seven million if the wage floor is raised to $15 an hour.

There’s already evidence that the “Fight for $15” is hurting workers, even in liberal cities like Seattle.

Sanders’ agenda can be described as dramatic, but he may be a frontrunner for the Democratic presidential nomination in 2020. Will his colleagues reject this expensive, job-killing agenda?