By Jon Dougherty
(TNS) While the remaining viable Democratic candidates sparred on stage again Tuesday night ahead of a slew of primaries that ought to identify who will ultimately face President Donald Trump in November, we took a little time to parse the proposals of the current frontrunner, Sen. Bernie “Fidel’s okay, too” Sanders.
On Tuesday we publishedÂ an analysis of his most radical proposals — “Medicare for All,” the “Green New Deal,” free college, free housing, free pre-K, elimination of college debt, and massive taxes on just about every in order to pay for all of this largess.
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In each of his proposals, Bernie claims that they are all “fully paid for” through new taxes, fees, and other forms of revenue. But are they?
Cost estimates for all of Sanders’ programs and proposals combined would be in the $52 trillion range. And while these costs would be spread out over a decade, generally speaking, as a thought exercise we compared the cost of his programs to the amount of money in the world and came up with a hugeÂ deficit.
“Determining the total amount of money in the world may be challenging due to different factors. The definition itself of the term ‘money’ varies since the parameters used to define it may vary,” notes the World Atlas.
“One may identify money by focusing on such metrics as gold and other assets whereas some may describe money according to bitcoins and notes. Besides, central banks of various countries create abstractions which may be hard to determine their values,” it added.
Therefore, the total amount of money in the world depends on how it is classified. When money is considered as the physical coins, bank notes, and the ones deposited in both checking and savings accounts; the total amount globally is approximately $36.8 trillion. However, when this physical money includes the ones held in the accessible accounts, the amount rises to roughly $90.4 trillion. This amount also increases when bitcoins and other cryptocurrencies are included. The total amount of money under such classification is as high as one quadrillion US dollars.
Money in the form of investments raises the above figure even higher. Derivatives hold large amounts of funds invested in them with the money exceeding $544 trillion; and estimation of $1.2 quadrillion on high-end. This amount is much more significant than the total amount of money in the stock markets which is mere $73 trillion. Among the leading companies in the US in the global market are Apple Inc., Alphabet Inc., and Microsoft Corp. These companies contribute a lot in the stock market hence have a lot of money.
These companies are among the slew of ‘corporations’ Bernie Sanders wants to target, financially, to help pay for his socialist utopia.
Now, how much money is there in the United States? That’s when the deficit between what Bernie wants and what Americans can afford becomes really profound.
As Business Insider reported in April 2018:
In total, there is a total of about $1.5 trillion in U.S. physical currency in circulation, and roughly 80% of this value comes from the 11.5 billion $100 notes that are in circulation.
Again, the term ‘money’ is relative in many respects, as it often is a term interchangeable with ‘personal wealth.’ But the fact is this: The amount of ‘money’ it would take to fund Bernie’s programs simplyÂ does not exist in the most commonly accepted forms.
By all standards, every single American would have to sell every single thing they owned and reduce their total value to “zero” just to pay for aÂ fraction of what Sanders is proposing.
That’s not even close to being realistic.
At Tuesday night’s debate, Sanders — under assault from petrified Democratic candidates who don’t want him to define, as its standard-bearer, the party as quasi-socialist/communist entity — asked at one point if his proposals of health care for all Americans, a higher minimum wage and expanding affordable housing were all â€œsome kind of radical Communist idea?â€
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The simple answer, of course, is, ‘Yes, Bernie, they are. Those are the kinds of things socialists and Communists always promise people.’
But here’s the dirty little secret: They always promise them but never deliver. And why? Because the money to pay for such largess doesn’t exist — not in the U.S., and not anywhere else, either.
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