American taxpayers would face a net fiscal burden of over $350,000 per household in the next decade if the Democratic Socialists of America’s top policies were adopted, according to a report released Oct. 1 by President Donald Trump’s Council of Economic Advisers.
The report predicted a net fiscal burden of more than $49 trillion from 2027 to 2036—larger than the national debt, which hit a milestone of $40 trillion in August.
The report added up the presumed costs for Democratic Socialists of America’s agenda items such as loosening border restrictions, handing out amnesty to all illegal immigrants in the country, abolishing the police and U.S. Immigration and Customs Enforcement (ICE) officers, eliminating prisons, providing government-run healthcare for everyone, and canceling all student debt.
The majority of the cost would come from Medicare for All, which is predicted to cost $47.4 trillion out of the $52.8 trillion in gross costs, which was lowered to nearly $49 trillion due to the estimated $3.9 trillion that would be collected from the wealth tax.
Medicare for All proposals would transform the United States into a single-payer healthcare system in which the federal government covers all medical services, eliminating the out-of-pocket costs for patients.
The second most expensive proposal, according to the report, would be canceling student debt and making college free. That comes at a price tag of $3.6 trillion.
Student Loan Debt Statistics by the Education Data Initiative suggest that Americans currently owe roughly $1.9 trillion in student debt. Nearly $1.7 trillion of that debt is held by the federal government and is owed by nearly 43 million loan recipients.
The third-largest spending item would come from a mandated 32-hour workweek, costing approximately $918 billion in lost tax revenue.
The Trump administration described the proposals’ potential impact on the economy, suggesting they would make everyday costs skyrocket with double-digit inflation and prices rising an extra 130 to 160 percent over 10 years.
The Epoch Times contacted the Democratic Socialists of America for comment and did not hear back by publication.
The report came out the same day Trump kicked off his 32-day campaign blitz for Republicans facing tough races in the November midterms.
During a speech at Peterbilt Motors’ factory in Denton, Texas, on Thursday, Trump highlighted the resurgence of manufacturing in the United States and touted the economy’s performance under his administration.
“We announce all these great numbers,” Trump said. “The best numbers in the history of any president. There’s never been any president that’s got $21 trillion invested in our country. Not even close.”
The president also showed his support for Texas Attorney General Ken Paxton, a Republican, who is in a tight U.S. Senate race against Democrat James Talarico.
After the speech, Trump made a rare presidential visit to the Choctaw Nation of Oklahoma for a rally. Only a handful of U.S. presidents have visited tribal nations while in office.
This article was originally published by The Epoch Times.
