The White House published an update highlighting a new Council of Economic Advisers report that estimates a package of Democratic policy proposals it characterizes as a socialist agenda would cost USD 49 trillion over 10 years, equivalent to as much as USD 400,000 per American household. The policies identified include Medicare for All, open borders and mass amnesty, abolishing police and prisons, and the Green New Deal. The report projects that financing the package through substantial tax increases would reduce wages by nearly 30%, shrink economic output and raise inflation. It also estimates that mortgage rates would exceed 12%, millions of jobs would be lost and productivity would decline.
The White House highlights Council of Economic Advisers estimate that selected Democratic proposals would cost USD 49 trillion
The White House highlighted a Council of Economic Advisers estimate that a package of Democratic policy proposals would cost USD 49 trillion over 10 years, or as much as USD 400,000 per American household. The report projects that associated tax increases would cut wages by nearly 30%, while mortgage rates would exceed 12% and millions of jobs would be lost.