Previous Thread
Next Thread
Print Thread
Joined: Sep 2006
Posts: 32,538
Likes: 668
O
Legend
OP Offline
Legend
O
Joined: Sep 2006
Posts: 32,538
Likes: 668
Under Sanders, income and jobs would soar, economist says

Median income would soar by more than $22,000. Nearly 26 million jobs would be created. The unemployment rate would fall to 3.8%.
Those are just a few of the things that would happen if Bernie Sanders became president and his ambitious economic program were put into effect, according to an analysis given exclusively to CNNMoney. The first comprehensive look at the impact of all of Sanders' spending and tax proposals on the economy was done by Gerald Friedman, a University of Massachusetts Amherst economics professor.

This more sweeping analysis was not commissioned by the candidate, though Sanders' policy director called it "outstanding work." Friedman has worked with Sanders in the past, but has never received any compensation. The Vermont senator asked Friedman to estimate the cost of Sanders' Medicare-for-all plan -- which came out to $13.8 trillion over 10 years -- and included the analysis when he unveiled his proposal last month.

Friedman, who believes in democratic socialism like the candidate, found that if Sanders became president -- and was able to push his plan through Congress -- median household income would be $82,200 by 2026, far higher than the $59,300 projected by the Congressional Budget Office.

In addition, poverty would plummet to a record low 6%, as opposed to the CBO's forecast of 13.9%. The U.S. economy would grow by 5.3% per year, instead of 2.1%, and the nation's $1.3 trillion deficit would turn into a large surplus by Sanders' second term.

Other economists, however, feel that Friedman's analysis is overly optimistic, saying it would be difficult to achieve that level of economic prosperity. Last week, the Committee for a Responsible Federal Budget said Sanders' plan to pay for health care would fall short by at least $3 trillion.

Sanders' plan to pour $14.5 trillion into the economy -- including spending on infrastructure and youth employment, increasing Social Security benefits, making college free and expanding health care and family leave -- would juice GDP and productivity. (Friedman reduces the cost of Medicare-for-all to $10.7 trillion because he estimates the government would save $3.1 trillion by eliminating tax breaks for health insurance premiums.)

Also, Sanders would raise the minimum wage, as well as shift income from the rich to the middle and working class through tax hikes on the wealthy and corporations.

"Like the New Deal of the 1930s, Senator Sanders' program is designed to do more than merely increase economic activity," Friedman writes. It will "promote a more just prosperity, broadly-based with a narrowing of economy inequality."

Many presidential hopefuls say their economic programs would boost growth. Donald Trump and Jeb Bush justify their big tax cuts by saying GDP would grow at a 4% rate. But their plans have been panned by experts as overly optimistic.

Friedman, however, argues that Sanders' plan would be more stimulative because it is pouring money into the economy, as opposed to cutting taxes. Several of Sanders' proposals -- such as spending $1 trillion on infrastructure -- will happen in the first few years of his administration.

The thinking goes: This enhanced government spending would increase demand on businesses, who would then hire more workers to meet their needs. The increase in employment will prompt people to buy more, leading other businesses to hire.

"If there is more spending, people will have more to do," Friedman said, noting that the share of the population with jobs could be restored to its 1999 level of more than 64%, up from its current 59.6% rate.

Sanders' policy director, Warren Gunnels, also defended the estimates, noting the candidate is thinking big.

"We haven't had such an ambitious agenda to rebuild the middle class since Presidents Roosevelt, Truman and Johnson," he said.

Still, some experts question whether the effects would be that large.

Stimulating demand can boost a weak economy during a recession, but "it's harder to accept as a long-run growth strategy," said William Gale, the former director of Brookings' Economic Studies Program.

Also, it would be very difficult to achieve and maintain an economic growth rate of 5.3% per year after inflation. That target hasn't been hit consistently since the 1960s, when technology was providing big advancements, the workforce was younger and there was increased demand for American products worldwide as other countries fully recovered from World War II.

"The 5.3% number is a fantasy," said Jim Kessler, senior vice president at Third Way, a centrist think tank.

Editor's note: This story has been updated to provide more information about Friedman's previous analysis of Sanders' Medicare for all plan and disclose his political affiliation.

https://money.cnn.com/2016/02/08/news/economy/sanders-income-jobs/index.html


Your feelings and opinions do not add up to facts.
Joined: Sep 2006
Posts: 66,882
Likes: 1295
P
Legend
Offline
Legend
P
Joined: Sep 2006
Posts: 66,882
Likes: 1295
Now if he could only win some primaries. wink


Intoducing for The Cleveland Browns, Quarterback Deshawn "The Predator" Watson. He will also be the one to choose your next head coach.

#gmstrong
Joined: Sep 2006
Posts: 16,195
Legend
Offline
Legend
Joined: Sep 2006
Posts: 16,195
So the unemployment rate is currently 3.5% and this article says under Sanders it's going to 3.8%.

So Sanders, in this fluff piece isn't as good as Trump is in reality! thumbsup


#GMSTRONG
Joined: Sep 2006
Posts: 32,538
Likes: 668
O
Legend
OP Offline
Legend
O
Joined: Sep 2006
Posts: 32,538
Likes: 668
Let's talk unemployment in November. It will be a whole new level of screwed by then.


Your feelings and opinions do not add up to facts.
Joined: Sep 2006
Posts: 16,195
Legend
Offline
Legend
Joined: Sep 2006
Posts: 16,195
Does it really matter since Sanders isn't going to be the nominee?


#GMSTRONG
Joined: Sep 2006
Posts: 32,538
Likes: 668
O
Legend
OP Offline
Legend
O
Joined: Sep 2006
Posts: 32,538
Likes: 668
Probably not. Status Quo Joe or the Orange Anomaly will both tank everything and sell us out to the corporations.


Your feelings and opinions do not add up to facts.
Joined: Sep 2006
Posts: 26,795
Likes: 452
Legend
Offline
Legend
Joined: Sep 2006
Posts: 26,795
Likes: 452
Quote:
riedman, who believes in democratic socialism like the candidate, found that if Sanders became president -- and was able to push his plan through Congress -- median household income would be $82,200 by 2026, far higher than the $59,300 projected by the Congressional Budget Office.


82,200 cool

That would be what? about 32,000 per year after his taxes wink


I AM ALWAYS RIGHT... except when I am wrong.
Joined: Jan 2007
Posts: 8,322
Likes: 79
T
Hall of Famer
Offline
Hall of Famer
T
Joined: Jan 2007
Posts: 8,322
Likes: 79
Sanders is a damn nut.



Find what you love and let it kill you.

-Charles Bukowski
Joined: Mar 2013
Posts: 14,731
Likes: 105
Legend
Offline
Legend
Joined: Mar 2013
Posts: 14,731
Likes: 105
Originally Posted By: GMdawg
Quote:
riedman, who believes in democratic socialism like the candidate, found that if Sanders became president -- and was able to push his plan through Congress -- median household income would be $82,200 by 2026, far higher than the $59,300 projected by the Congressional Budget Office.


82,200 cool

That would be what? about 32,000 per year after his taxes wink

Hardly. Finish this sentence......

Forcing billionaires to pay their fair share of taxes is.......


Some day, following the example of the United States of America, there will be a United States of Europe.

George Washington
Joined: Sep 2006
Posts: 32,538
Likes: 668
O
Legend
OP Offline
Legend
O
Joined: Sep 2006
Posts: 32,538
Likes: 668
Originally Posted By: tastybrownies
Sanders is a damn nut.



The 'nut' is the person that watches and believes propagandist narrated videos like the one you posted here and still expects to be taken seriously as a thinking man instead of a mindless sheep. Just saying.


Your feelings and opinions do not add up to facts.
Joined: Sep 2006
Posts: 32,538
Likes: 668
O
Legend
OP Offline
Legend
O
Joined: Sep 2006
Posts: 32,538
Likes: 668
Originally Posted By: GMdawg
Quote:
riedman, who believes in democratic socialism like the candidate, found that if Sanders became president -- and was able to push his plan through Congress -- median household income would be $82,200 by 2026, far higher than the $59,300 projected by the Congressional Budget Office.


82,200 cool

That would be what? about 32,000 per year after his taxes wink


As opposed to the current negative dollar amount you are left with after being raked over the coals by insurance companies, big pharma, and medical providers billing machines? Not losing your life savings and home to the hospitals and old folks care seems like a friggin deal when you factor in the greed raping americans right now if you ask little old socialist me.

Last edited by OldColdDawg; 03/15/20 08:49 AM.

Your feelings and opinions do not add up to facts.
Joined: Sep 2006
Posts: 26,795
Likes: 452
Legend
Offline
Legend
Joined: Sep 2006
Posts: 26,795
Likes: 452
Quote:
Forcing billionaires to pay their fair share of taxes is


Supercalifragilisticexpialidocious


I AM ALWAYS RIGHT... except when I am wrong.
Joined: Sep 2006
Posts: 26,795
Likes: 452
Legend
Offline
Legend
Joined: Sep 2006
Posts: 26,795
Likes: 452
Your not that little grin


I AM ALWAYS RIGHT... except when I am wrong.
Joined: Sep 2006
Posts: 15,015
Likes: 147
F
Legend
Offline
Legend
F
Joined: Sep 2006
Posts: 15,015
Likes: 147
in 2019 there were 705 billionaires in the US with a combined total of 3 trillion of net worth.

If you cashed in all their assets and split up every penny they had among the US population.

Each citizen would receive a 1 time check of around $7,000

That does not take into effect that selling all those assets would close many businesses and put a lot of people out of work.

So, while they should pay a fair share of taxes, they cannot solely provide for the country through taxes.


We don't have to agree with each other, to respect each others opinion.
Joined: Sep 2006
Posts: 66,882
Likes: 1295
P
Legend
Offline
Legend
P
Joined: Sep 2006
Posts: 66,882
Likes: 1295
Originally Posted By: FloridaFan
in 2019 there were 705 billionaires in the US with a combined total of 3 trillion of net worth.

If you cashed in all their assets and split up every penny they had among the US population.

Each citizen would receive a 1 time check of around $7,000

That does not take into effect that selling all those assets would close many businesses and put a lot of people out of work.

So, while they should pay a fair share of taxes, they cannot solely provide for the country through taxes.


Math is not their friend. And let's be honest here, they are using the very same tactics they claim to hate.

A lot of Republicans buy into, "All democrats are flaming liberals and want to give everything away!"

A lot of Democrats think, "All Republicans are the same and they hate poor people while supporting huge corporations!"

So the Bernie Bros use the same class warfare. "The billionaire class. The 1%!"

It's all the same thing. For one, if the Democrats were all for giving everything away people like Andrew Yang and Bernie would have led in popularity by a wide margin. That's simply not the case.

We see Republicans on this very board who can't or won't support Trump. There are a lot of people that align more with one party or the other who are quite moderate in their beliefs. They don't believe in extremism in either direction. Their math skills are good enough to know Bernie's ideas are silly. When he was asked how much all of this will cost, he admitted even he didn't know.

There are several millionaires and billionaires that agree they think they should be paying more taxes. Mark Cuban is paying all hourly employees that work at the stadium during this time of the coronavirus out break.

Not everyone who doesn't walk look step in line with your political views are your enemy. And the Bernie Bros claim to hate such a tactic except when they themselves use it.

Moderates = Evil

Billionaires = Evil

Conservatives = Evil

According to them, if you're not a Democratic socialist, you're the scum of the earth. They have become what they claim to hate.


Intoducing for The Cleveland Browns, Quarterback Deshawn "The Predator" Watson. He will also be the one to choose your next head coach.

#gmstrong
Joined: Nov 2006
Posts: 15,188
Likes: 13
D
Legend
Offline
Legend
D
Joined: Nov 2006
Posts: 15,188
Likes: 13
Dude ... I’m a sheep that can’t think for himself according to the libs, yet they believe taxing billionaires and the evil corporations would somehow solve the financial woes of everyone in this country, pay off everyone’s student loan debt, send everyone to college for free and cover everyone’s medical ....

Like u pointed out ... there’s no where’s close to enough money in those two wells to make even a decent dent into the economic woes of some in this country much less all of them ... taxing the billionaires and corporations “there fair share” wouldn’t be enough to pay for any of those buckets much less all of them ... and who decides what “ there fair share is “ ..,, cause my fair share keeps changing and it always went up til Trump came along ...

And to make it even bettor ... they want to make the efficient, economically responsible government the middle man in this transaction ... BRILLIANT!!!!

And were the sheep ... rolleyes

PS. Bernie’s battle cry used to start at taxing the millionaires there fair share ... his battle cry now starts at billionaires since he became not only a millionaire but a multi millionaire ... rofl ...




Joined: Nov 2006
Posts: 15,188
Likes: 13
D
Legend
Offline
Legend
D
Joined: Nov 2006
Posts: 15,188
Likes: 13
Math is your friend ... just like spelling and grammar are my friends .... rofl ...




Joined: Sep 2006
Posts: 66,882
Likes: 1295
P
Legend
Offline
Legend
P
Joined: Sep 2006
Posts: 66,882
Likes: 1295
I know enough math to know Sanders doesn't know math. wink


Intoducing for The Cleveland Browns, Quarterback Deshawn "The Predator" Watson. He will also be the one to choose your next head coach.

#gmstrong
Joined: Sep 2006
Posts: 32,538
Likes: 668
O
Legend
OP Offline
Legend
O
Joined: Sep 2006
Posts: 32,538
Likes: 668
You all know nothing, you just think you do. Sanders 2020! would fix this mess and YOU ALL could get an education.


Your feelings and opinions do not add up to facts.
Joined: Sep 2006
Posts: 66,882
Likes: 1295
P
Legend
Offline
Legend
P
Joined: Sep 2006
Posts: 66,882
Likes: 1295
If you could only get people to vote for him in the primaries......


Intoducing for The Cleveland Browns, Quarterback Deshawn "The Predator" Watson. He will also be the one to choose your next head coach.

#gmstrong
Joined: Nov 2006
Posts: 15,188
Likes: 13
D
Legend
Offline
Legend
D
Joined: Nov 2006
Posts: 15,188
Likes: 13
He’s got my vote ... thumbsup

BERNIE BERNIE BERNIE!!!




Joined: Sep 2006
Posts: 66,882
Likes: 1295
P
Legend
Offline
Legend
P
Joined: Sep 2006
Posts: 66,882
Likes: 1295
Undermining democracy one day at a time. wink


Intoducing for The Cleveland Browns, Quarterback Deshawn "The Predator" Watson. He will also be the one to choose your next head coach.

#gmstrong
Joined: Jan 2007
Posts: 8,322
Likes: 79
T
Hall of Famer
Offline
Hall of Famer
T
Joined: Jan 2007
Posts: 8,322
Likes: 79
Says the person that believes in socialism. LMAO!

rofl

You'll suck on that government tit until you're full.

Last edited by tastybrownies; 03/15/20 03:12 PM.

Find what you love and let it kill you.

-Charles Bukowski
Joined: Sep 2006
Posts: 32,538
Likes: 668
O
Legend
OP Offline
Legend
O
Joined: Sep 2006
Posts: 32,538
Likes: 668
Originally Posted By: tastybrownies
Says the person that believes in socialism. LMAO!

rofl

You'll suck on that government tit until you're full.


I've never applied for a cent from the government, ever. So you are wrong again.


Your feelings and opinions do not add up to facts.
Joined: Mar 2013
Posts: 14,731
Likes: 105
Legend
Offline
Legend
Joined: Mar 2013
Posts: 14,731
Likes: 105
Originally Posted By: OldColdDawg
Originally Posted By: tastybrownies
Says the person that believes in socialism. LMAO!

rofl

You'll suck on that government tit until you're full.


I've never applied for a cent from the government, ever. So you are wrong again.

Trump and his bots project their flaws on others. tasty is probably sucking on the govt tit more than anyone here.


Some day, following the example of the United States of America, there will be a United States of Europe.

George Washington
Joined: Sep 2006
Posts: 9,864
Likes: 26
BpG Offline
Hall of Famer
Offline
Hall of Famer
Joined: Sep 2006
Posts: 9,864
Likes: 26
At the rate our country is increasing wealth to the top half, Sanders is Thanos, inevitable. Someone will come along be it Sanders or another and win on his platform. He may not win, but someone on his platform will in my lifetime.

Joined: Sep 2006
Posts: 66,882
Likes: 1295
P
Legend
Offline
Legend
P
Joined: Sep 2006
Posts: 66,882
Likes: 1295
Originally Posted By: BpG
At the rate our country is increasing wealth to the top half, Sanders is Thanos, inevitable. Someone will come along be it Sanders or another and win on his platform. He may not win, but someone on his platform will in my lifetime.


And that's most likely entirely true. Capitalism is a great system. But as with any system, left unchecked and transferring power only to the wealthy, eventually there will be an extreme backlash.

At my age I may never live to see it, but those in control better understand this or they will lose all control eventually.


Intoducing for The Cleveland Browns, Quarterback Deshawn "The Predator" Watson. He will also be the one to choose your next head coach.

#gmstrong
DawgTalkers.net Forums DawgTalk Palus Politicus Under Sanders, income and jobs would soar, economist says

Link Copied to Clipboard
Powered by UBB.threads™ PHP Forum Software 7.7.5