The Washington Post is one of the Democrats’ favorite mainstream media news outlets. They don’t get the bad wrap for fake news as much as CNN or MSNBC. They also don’t get the label of having unhinged journalists like the NY Times. They’re clearly left-leaning and have tremendous reach, but so far the President has only occasionally attacked them, and usually in reference to their owner, Jeff Bezos.
But they support the Democrats. Their style of journalism may be more discreet about their bias than other major mainstream media outlets, but that makes them even more dangerous. This is why it bugs me when sites like Drudge Report give them so much attention. Their messages are not beneficial to America, the Constitution, or conservatives in general.
As left-leaning as they are, at least one writer seems to think Senator Elizabeth Warren’s policy proposals take progressivism to a whole new level. That writer is Max Boot, and even though he claims to be a conservative NeverTrumper, he finishes his recent article denouncing the untenable costs Warren is proposing to fund her programs by saying he’d still vote for her over President Trum
Claiming to be a conservative and still expressing a willingness to have socialism replace the current populist White House agenda is like claiming to be a Star Wars fan who liked The Last Jedi more than Empire Strikes Back.
Nevertheless, Boot points out some horrendous aspects of Warren’s policies that should terrify every American who understands more than zilch about economics. The most glaring problem with her proposals is that the costs far exceed the policies she plans to implement to pay for them.
It all sounds great — who wouldn’t want a bunch of free stuff? — but there’s a reason it hasn’t been done already: The price tag would be astronomical. Based mainly on her own estimates, I added up the cost of Warren’s commitments so far. The most expensive slice is the Medicare-for-all plan written by Sen. Bernie Sanders (I-Vt.) and endorsed by Warren; independent analysts peg the cost at up to $32 trillion over 10 years. Add in Warren’s own programs, and the cost is about $36.5 trillion over 10 years, or $3.6 trillion a year.
That’s a big, big number. Sure, lots of individuals would save money on medical care, child care, college tuition and other expenses — and these new federal benefits could stimulate the economy by freeing more parents to work or more students to go to college. But if all of Warren’s promises were implemented, the federal budget ($4.1 trillion in 2018) would nearly double. Republicans said $940 billion over 10 years for the Affordable Care Act was too expensive — but that’s a rounding error compared with Warren’s agenda.
Warren promises to pay for her promises with a so-called wealth tax on households worth more than $50 million, a surtax on billionaires and a corporate profits tax on companies that earn $100 million or more annually. She claims that they would bring in $3.75 trillion over 10 years. That’s not nearly enough to fund her wish list, however, and even so, her estimates are wildly optimistic.
Yes, those estimates are wildly optimistic. Such massive tax increases will almost certainly fail to generate more than $2 trillion over a decade, but not for the reason Boot says. He claims rich people and businesses are good at hiding their money, but he underestimates the willingness of socialists to do everything they can to hunt money down when necessary. The real reason Warren’s numbers are optimistic is because they do not take into account two important factors: the certain exodus of wealth and corporate bases and the necessary response to the economic cataclysm that would come from the first hint of Warren’s proposals becoming policy.
When President Trump was first elected, many turned to Hollywood to see if all of those stars who claimed they’d leave America would actually do so. They didn’t. But a Warren election would certainly prompt a real exodus in which many of the wealthiest Americans will find homes in New Zealand, South America, Europe, Israel, and Canada. Many would even “move” to tax havens such as the Cayman Islands, though they’d still maintain a residence here with access to portions of their money.
It would behoove them to take their hundreds of millions or billions of dollars and protect it from Washington DC, and doing so is much easier than anyone believes. This is similar to what Boot was suggesting, but it would be much more direct than simply “hiding” their money. It would be a mass removal of capital.
As for businesses, the global economy allows many companies the luxury of complete relocation as well. It wouldn’t be as prominent of a maneuver as wealthy individual and families moving, but it would have a harsher effect on average Americans because jobs will be lost.
But it’s the dominoes that would start falling within the economy itself that would have the biggest negative effect on Warren’s plans to pay for her initiatives. Let’s say she wins and Democrats are able to get control of the House and Senate in 2020 or 2022. If they started implementing her brand of socialism, things would rapidly change in America. Businesses would tighten up. Spending would tighten up. Budget deficits will make the trillion dollar deficit we’re seeing today look like pennies on the dollar.
Jobs would dip. Spending would drop. Trade would slow. All of this points to much lower government revenues to pay for much higher costs. Is Warren too stupid or blind to see this? No. And therein lies the biggest threat of them all.
Modern Monetary Theory is socialism’s great savior. Some might even say it’s the goal of many, including Warren. Knowing that her proposals cannot be realistically funded hasn’t stopped her from proposing them, which means she’s either lying or she’s hoping to bail herself, her programs, and the nation out by installing this disastrous economic model.
For some, including the Justice Democrats, socialism is simply the stepping stone to install Modern Monetary Theory in America. If they can do that and fundamentally change the nation by reducing its status in the world, they will have achieved their endgame.
In a sea of major threats to the future of America lining up as Democratic candidates for president, Elizabeth Warren is differentiating herself by being the worst of the batch. Yet, she’s rising in the polls. That, friends, is scary.
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