A recent study compiled by the Washington Free Beacon finds that the proposals by all of the 2020 Democratic presidential candidates will lead to more than $200 trillion in new spending.
Medicare For All: This proposal being pushed by U.S. Sen. Bernie Sanders, I-Vt. has a cost of $32 trillion over the next 10 years. But last week, Sanders told CNN’s Jake Tapper that the figure could be even higher, perhaps reaching $40 trillion over 10 years. Sanders is also proposing adding trillions for job guarantees, universal free college and infrastructure.
Green New Deal: This proposal will cost more than Medicare for All. The study finds that the various Green New Deal proposals, which are backed by several of the Democratic candidates, would cost $94 trillion over 10 years.
Reparations: U.S. Sen. Corey Booker, D-NJ, and U.S. Sen. Kamala Harris, D-Calfi., support reparations for slavery while author Marianne Williamson’s reparations plan would spend anywhere from $200 -$500 billion.
Universal Basic Income: This idea is being touted by businessman Andrew Yang whose proposal would guarantee every American $12,000 a year. The study shows, over the next decade, it would cost taxpayers around $30 trillion. Yang disputes those numbers and says it will only cost $1.8 trillion a year. While this may be an under the radar issue, it is gaining popularity and the support of some Democrats including former U.S. Labor Sec. Robert Reich who served under President Bill Clinton.
Other proposals the study looked at include a $750 billion public option health care package proposed by former Vice President Joe Biden; $2 trillion investment in green research and manufacturing proposed by U.S. Sen. Elizabeth Warren, D-Mass., former U.S. HUD Sec. Julian Castro’s $970 billion affordable housing proposal; and programs battling climate change from Gov. Jay Inslee, D-Wash., and billionaire Tom Steyer which could cost between $2-$9 trillion.
Most of the costs are based on proposals from the candidates but the Free Beacon noted the overall figures are undercounted.
Reach Ed Dean at ed.dean@floridadaily.com.
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