After all, it wasn’t long ago that another Democrat, Barack Obama, promised that the average family of four would save $2,500 per year on Obamacare and then — surprise — costs skyrocketed.
Voters would be wise to not get fooled again especially when it comes to important matters impacting one’s wallet and health, our most precious commodity.
Here’s the facts: Warren’s and Bernie Sanders’ socialist Medicare-for-All plan will cost at least $34 trillion over a decade, according to a new study by the Urban Institute, a left-wing think tank favored by Democrats.
That astronomical number, mind you, doesn’t even include the expense of giving 11-22 million illegal immigrants living in America today “free” health care — something every Democrat running for president has pledged to do.
Now consider that Warren’s proposed wealth tax — which may be unconstitutional — will raise an estimated $2.75 trillion over the same time period, which means there’s a colossal unfunded liability of at least $31 trillion that will be passed along to the middle class.
It doesn’t take a degree from Harvard to figure out that a wealth tax on ultramillionaires and higher taxes imposed on corporations can only go so far when it comes to funding all of the other “free” stuff Warren’s promising voters such as free college tuition, erasing student debt, universal child care, affordable housing and an estimated $93 trillion for the Green New Deal.
It’s no wonder Warren’s been dodging questions during media interviews about how to pay for her plan. When pressed for specifics by Pete Buttigieg, Amy Klobuchar and Joe Biden at last week’s Democratic debate in Ohio, Warren was highly evasive and refused to say how much it would cost middle-class taxpayers, despite the fact that her single- payer plan, if implemented, would cost approximately one-fifth of the U.S. economy and abolish private health insurance as we know it.
The absence of details has become a trouble spot for the senator who’s now pledging she’ll have more information on how she’ll fund Medicare-for-All in the near future.
Too little, too late.
Even liberal economists who advised the Warren campaign on her wealth tax have been raising red flags.
This week University of California, Berkeley, economics professor Emmanuel Saez told Bloomberg news, “Her taxes as they currently exist are not enough yet to cover fully replacing health insurance.”
Larry Summers, another liberal economist who served in both the Obama and Clinton administrations, slammed Warren’s wealth tax this week, saying it will raise far less revenue than estimated.
Translation: the middle class will foot the tab.
Let’s hope voters won’t get fooled again.