Remember when Democrats complained that $5.7 billion for a border wall was too expensive? Well, that’s chump change compared to what many of the congressional Democrats and nearly all of those 15 declared Democrats in the presidential race are now rallying behind.
The price tag isn’t in the billions, but in the tens of trillions. President Trump was attacked earlier this month by Democrats for a budget blueprint that would run fiscal deficits of 5 percent of GDP. That’s too high for sure, but count up the spending plans of Democrats and deficits could easily hit 20 percent to 30 percent of GDP and tilt the nation toward Greece and Puerto Rican-style bankruptcy.
Let’s start to add it all up.
Start with “Medicare for All,” the new health care anthem of the left. It is touted as a way to make medical services “free” for everyone. The cost to taxpayers? By some estimates $32 trillion over the next decade, according to a study by the Mercatus Center. Medicare, just for the seniors it was designed to cover, is already projected to run deficits in the tens of trillions of dollars over the next four decades, according to the program’s own Trustees.
Then there is Rep. Alexandria Ocasio-Cortez’s “Green New Deal,” which is supposed to turn America into an eco-friendly paradise and avert the apocalypse that AOC claims will occur in just over a decade. Four presidential candidates have endorsed some or all of that agenda.
Of course, the politicians pushing these plans remain suspiciously quiet whenever they’re asked to explain exactly how much their pet projects will cost U.S. taxpayers and whether they’re worth the investment. But thanks to public-policy watchdog groups, we have some preliminary estimates. According to one recent study by the American Action Forum, the “Low-carbon Electricity Grid” proposed in the Green New Deal will cost taxpayers $5.4 trillion over 10 years, or $39,000 per household.