The White House Council of Economic Advisers published a report estimating that adopting leading policies associated with the Democratic Socialists of America would cost US taxpayers USD 49 trillion over 10 years, or more than USD 350,000 per household. The analysis covers policies including expanded immigration and amnesty, eliminating police and prisons, government-run health care and student debt cancellation. The report projects that these policies would produce double-digit inflation, with prices rising by as much as 160% over 10 years, alongside double-digit borrowing rates, substantial job losses and reduced pay. It also estimates that higher taxes would cut workers’ paychecks by almost 30%. The White House contrasted those projections with its account of the Trump administration’s record on tax cuts, employment, manufacturing, energy production, immigration enforcement, crime and housing costs.
White House Council of Economic Advisers estimates USD 49 trillion cost from Democratic Socialists of America policies
The White House Council of Economic Advisers estimated that leading Democratic Socialists of America policies would cost US taxpayers USD 49 trillion over 10 years, exceeding USD 350,000 per household. The report projected double-digit inflation and interest rates, job losses and tax increases that would reduce workers’ paychecks by almost 30%.