Sen. Bernie Sanders’s tax and spending proposals would provide new levels of health and education benefits for American families, but they’d also blow an $18-trillion hole in federal deficits, piling on so much debt they would damage the economy.
That sobering assessment comes from a joint analysis released this week by the nonpartisan Urban-Brookings Tax Policy Center and the Urban Institute Health Policy Center, well-known Washington think tanks.
The bottom line: Democratic presidential candidate Sanders would raise taxes by more than $15 trillion over 10 years, with most of that paid by upper-income earners. But that wouldn’t be enough to cover the cost of his proposed government-run health care system, along with free undergraduate college, enhanced Social Security, family and medical leave, among other new programs.
As a result, Sanders would add $18 trillion to federal debt over a decade.