“Understand this: This is no increase in taxes for anyone except billionaires. Period. Done.” – Elizabeth Warren, November 2, 2019.
Apparently, the Senator didn’t read her Medicare-for-All plan that was released the day before because it clearly indicates taxes will be raised directly on at least 1.4 million people and indirectly on the rest of us. There are only 607 billionaires in the United States today, so somewhere along the line she misplaced tax increases for over a million Americans. It can be easy to misunderstand one’s own math when the figures are as high as hers to the tune of $52 trillion.
NEWS: @ewarren told me her Medicare for All proposal won't raise taxes for anyone with under $1 billion after I asked who's in the "middle class" she promises not to raise taxes for pic.twitter.com/9u1e6ApGMi
— Zak Hudak (@cbszak) November 3, 2019
The bald-faced lie that she pronounced so adamantly to a friendly crowd was so egregious, even the Democrat-loving NY Times had to call her out for it. And then, former Vice President Joe Biden’s campaign pounced on her for it.
But that is not what she proposed on Friday. Ms. Warren’s plan for Medicare for all, which calls for $20.5 trillion in new federal spending over a decade, would be financed through a mix of sources, including $3 trillion in total from two proposals to tax wealthy Americans.
One of those proposals — accounting for $2 trillion of the $3 trillion total — would go far beyond billionaires. For the top 1 percent of households, Ms. Warren would increase taxes on investment gains. She would put in place a new system in which capital gains are taxed annually instead of when investments are sold, and she would raise the tax rate on capital gains to be the same as on ordinary income like wages.
The campaign of former Vice President Joseph R. Biden Jr., one of Ms. Warren’s top rivals, quickly criticized her over the comments.
“The American people have to be able to trust whoever our party nominates to take on Donald Trump to be straight with them about health care,” Kate Bedingfield, a deputy campaign manager for Mr. Biden, said in a statement. “Senator Warren said tonight that her single-payer plan won’t raise taxes on anyone but billionaires, but that’s simply not true.”
Here’s the reality: Raising taxes even high than she has proposed would only pay a fraction of the costs associated with Medicare-for-All. She understands that the vast majority of Americans and mainstream media outlets won’t attempt the math. She not only understands this. She’s banking on it. So let’s do some math for her.
$52 trillion over a decade means spending over $14 billion per day. Lest we forget, Democrats refused to pay less than that to fund President Trump’s border wall proposal. Also keep in mind that the current government revenue is LESS than that, which means if we stopped paying for literally everything else and only paid for Medicare-for-All, we still wouldn’t have enough available.
What she will never, ever say, and unfortunately neither will mainstream media, is that her plans require the implementation of Modern Monetary Theory. To socialists, this is one of their end goals even if few are willing to acknowledge it. With Modern Monetary Theory, the government essentially prints money to pay for its bills. One can make a valid argument this has been in place at a smaller scale for years, but the monstrosity Warren is proposing would require exponentially higher borrowing beyond the limits currently imposed.
The reason she and other socialists won’t call it by its actual name is because it doesn’t work. It has been tried and failed miserably every time, just as her wealth tax and just as Marxism in general. But other nations have been able to recover in ways the United States simply couldn’t. Our sheer economic size prohibits even temporary experimentation with Modern Monetary Theory because it’s being propped up by several factors such as the dollar being the world reserve currency and oil being traded in dollars. But that will change almost immediately if we intentionally devalue the dollar by printing trillions more. The mad rush to sell off American investments will be so shocking, our entire financial infrastructure will plummet at terminal velocity in days.
Once the collapse begins, it cannot be stopped. We’re not talking about the recession of 2008. We’re talking about making Venezuela look like a prosperous nation in comparison to what the United States would become.
Why does Elizabeth Warren lie about her plan? Because she knows if the truth gets spread far and wide, she has zero chance of winning the nomination, let alone the election. She is an existential threat to our entire nation.