Take your worst economic fears. Perhaps it’s losing your job. Maybe you fear being robbed. A Wall Street crash can worry investors. Hyperinflation is something we haven’t even considered possible in America before, but some still fear it’s in our future.
Whatever your fear is, Elizabeth Warren’s healthcare plan will deliver it. As Fox News reported today after reading it, the $52 trillion plan makes Bernie Sanders’s $32 trillion plan seem small by comparison, and it’s already a monstrosity. The kicker in it all is that Warren’s plan still pretends she can raise unspeakable amounts of money without raising middle-class taxes. That should absolutely terrify you because if she’s not raising taxes on the middle class, which represents the bulk of federal government revenue, than whatever she actually is proposing must be so obtuse, it can’t possibly work without severe repercussions.
That’s an understatement. We’re not looking at severe repercussions here. We’re looking at a plan that would absolutely cripple the economy to the point that we would cease to exist as a nation before the end of her term as President. That is not hyperbole. It truly is that bad.
Warren’s $52T ‘Medicare-for-all’ plan revealed: Campaign still claims no middle-class tax hikes needed
“We don’t need to raise taxes on the middle class by one penny to finance Medicare-for-All,” Sen. Warren, D-Mass., said in her plan — a copy of which was obtained by Fox News.
Some of Warren’s rivals for the nomination are unlikely to buy that claim, after having repeatedly challenged her assertions that the middle class would not be hit by tax hikes and suggesting she has not been upfront with voters.
The campaign’s detailed Medicare-for-all proposal, however, insists that the costs can be covered by a combination of existing federal and state spending on Medicare and Medicaid, as well as roughly $20 trillion in taxes on employers, financial transactions, the ultra-wealthy, large corporations and more. This includes what is essentially a payroll tax increase on employers, something economists generally say can hit workers in the form of reduced wages.
Saying there’s no middle class tax hike is like telling someone not to worry about the fire in their home because the smoke will kill them before they’re they’re burned alive. Seriously. If she really plans on drastically increasing payroll taxes, that’s going to trickle down to employees in the form of lower wages, fewer hours, and layoffs. If she’s going to tax large corporations, they’ll break up into smaller corporations to fight it, dropping efficiency, raising prices, and cutting employees along the way. If she’s going to hit the ultra-wealthy, they’ll leave. And if she’s going to tax financial transactions, cash will be king once again, sending the banks into another financial crisis, only not of their making.
What she won’t say in her plan is that the only way to make the math work is with Modern Monetary Theory. In other words, she plans on accumulating so much in expenses, then printing money to cover it. This will devalue the dollar dramatically to the point that it will no longer be the world reserve currency. OPEC will demand oil be traded in a different currency. The national debt will come due, and foreign governments will demand it be paid with something other than the dollar. She won’t need to tax the middle class because there will no longer be a middle class. Everyone but the ultra-rich will be poor, and the ultra-rich will be in New Zealand.
Elizabeth Warren's #MedicareForAll plan dwarfs Bernie Sanders by $20 trillion.
She still claims it won't include a middle-class tax increase.
This is a lie.
By HER numbers, her wealth tax will bring in $3 trillion in a decade.
The other $49 trillion will come from… us.
— JD Rucker (@JDRucker) November 1, 2019
Again, I cannot stress enough that this is not hyperbole. The domino effect on the national and world economies would be so catastrophic, we will become a socialist state by default if her plans come to fruition.
None of what she is proposing makes any sense at all. It’s no wonder Democrats are so enamored by impeachment. With a frontrunner like Elizabeth Warren lying to disguise her apocalyptic economic plan, they have no chance in 2020 otherwise.
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JD Rucker – EIC