Instead, the plan will be funded by hiking taxes $20 trillion on the top 1% of Americans, employers, major corporations and financial transactions. Not only will this plan devastate Wall Street, but it will put add a major drain to our economy. Many employers will not be able to afford these additional costs, so jobs will be lost, and wages will be reduced.
Amazingly, Warren claims that middle-class Americans will realize cost reductions of $11 trillion. This prediction is nonsensical for many of these workers will lose their jobs and they will have to completely depend on government assistance for survival.
Warren is a typical socialist who believes the answer lies in government. In contrast to a plan that promotes private sector job growth, Warren wants another gargantuan government program that will drain resources from the private sector.
This $52 trillion plan follows the Democratic Party’s embrace of the $93 trillion “Green New Deal,” another total unrealistic boondoggle. In total, Warren supports spending an $145 trillion on two enormous expansions while promoting the fiction that the middle-class will not have to pay any additional taxes. To say this is disingenuous, is an understatement.
If enacted, Warren’s “Medicare for All” plan will be catastrophic for our growing economy. Under President Trump, the U.S. economy has added 6.3 million jobs, while over 6 million people have left the food stamp program due to their improving financial situation. Under the last liberal President, Barack Obama, 10.7 million Americans were added to the food stamp rolls. This shows the difference between policies that grow government versus policies that grow the private sector.
Trump has achieved his successes by supporting a large tax cut plan, along with massive reductions in government regulations. The President’s pro-America trade policies have also helped, but if Congress ever passes the USMCA agreement, even more of a boost will be injected into the economy.
Warren takes a dramatically different approach to the economy than Trump. Her plan will penalize businesses, wealthy individuals and Wall Street. These “top 1%” are the ones who own businesses and employ Americans.
If these wealthy Americans face dramatic tax increases, they will not be able to invest as much money in the private sector. This will divert resources to the inefficiencies of government bureaucracies.
Under Warren’s plan, a huge government entity will be created to operate this program. This should not reassure any Americans. In our federal government, 2 million Americans are employed, many of them are good people who work hard, but the system they operate under is fatally flawed.
Very few, if any, of our government departments are efficiently managed. As evidence, let’s examine the operations of the United States Postal Service or the Veterans Administration. The problems with these bureaucratic entities are impossible to ignore.
Warren wants to add an even bigger government program, stripping $52 trillion from more productive uses, and diverting it to provide government managed healthcare. Not only will this devastate our economy, it will ruin our healthcare system. It is a plan that is doomed to fail and one that our country should avoid at all costs.
Jeff Crouere is a native New Orleanian and his award winning program, “Ringside Politics,” airs locally at 7:30 p.m. Fridays and at 10:00 p.m. Sundays on PBS affiliate WLAE-TV, Channel 32, and from 7-11 a.m. weekdays on WGSO 990-AM & www.Wgso.com. He is a political columnist, the author of America's Last Chance and provides regular commentaries on the Jeff Crouere YouTube channel and on www.JeffCrouere.com. For more information, email him at [email protected]