Currently, Federal Government spending is $4.1 trillion per year. So, at a cost of between $2 and $3.4 trillion per year, her plan would represent an increase in government spending of roughly 50% to 85%.
To help finance it, she announced yesterday that she wants to double the tax on wealth over $1 billion to 6% from her initial proposal of 3%. She claims that only the taxes of the rich will be increased, not those of the middle class.
According to Elizabeth Warren, Bernie Sanders, and countless others who know nothing of the role of capital in production, i.e., how it is the source of the supply of products and the demand for labor, the average person is untouched by reductions in the capital of the rich.
He may be hurt by increases in his own taxes, they believe, but certainly not by increases in the taxes of the rich which reduce their capitals not his ability to spend.
This is exactly like saying that while the average person would be hurt if his own home burned down, he has nothing to lose if the stores where he shops and the factories et al. that supply those stores, burned down and this happened throughout the economic system.
Warren, Sanders et al. have never learned that in a division-of-labor society, which is what capitalism is, every individual is benefitted by the wealth and the talents of all who supply him and that he would benefit still more if they were richer and more talented.
And he would earn more too, as the result of their greater capitals resulting in greater competition for his labor.
Warren and Sanders and the rest are ruled by an anti-social, indeed, sociopathic philosophy. They are profoundly ignorant and as dangerous as they are ignorant. They know nothing but envy and hatred of the rich.
And they are ready to use physical force to impose their programs, which they seek to enact into law to which they will compel obedience at the point of a gun.
For answers to them, including how to make medical care in particular better and more affordable, read these two titles immediately below:
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A link to the audio/visual version of this post: