WHEREWILL THE MONEY COME FROM?
As I was saying, a brief search of the Internet tells me that the net worth of U.S. households is approximately $95 trillion and the richest 10% of Americans own at least 75% of that wealth or, in round numbers, $71 trillion. Now we’re talking real money. We’ll have plenty to give to the poor. Of course, we’re going to have to pay off our national debt first – $22 trillion. The
But nobody in that world is ever going to lend the U.S. government any money ever again – because of how lousy our economy looks. So we’ll have to pay off our $22 trillion national debt. Okay, that still leaves us with $49 trillion... Oops. Make that $47.5 trillion. (We forgot to subtract $1.5 in outstanding student loans.) However, we’ll now need a much larger federal budget. Medicare-For-All has a projected annual cost of $3.2 trillion. And UBI will set us back $3.8 trillion a year.
reason we’ll have to pay off our national debt is that America’s top 10% of professionals, business owners, and senior
(Free college tuition is just a rounding error of about $70 billion. We won’t even count that.)
corporate executives are unemployed and lazing
around their beach houses (soon to be expropriated). They’re not buying any Tesla Model X SUVs or Sub-Zero wine refrigerators or Tory Burch
So... Current spending of $4.1 + $3.2 + $3.8 = $11.1
trillion. The next Democratic president (assuming he or she has a Democratic House and Senate) will have $47.5 trillion to pay for free stuff. Divide this by $11.1 trillion and we see that it will last... a little more than four years. Hooray! Just long enough to get re-elected! And after that?... After that we’ll have to move to some place where they’ve got this kind of arithmetic figured out already. Venezuela, for example.
clothing, accessories, and beauty products. They’ve quit paying the landscaper and the pool service. They’re letting the grass grow and the Jacuzzi get scummy. They’ve fired the nanny and aren’t tipping the pizza-delivery guy anymore. This makes America’s economy look lousy even though Americans are now getting everything for free, which should make us the envy of the world.
American Consequences
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