As if anyone expected something different, the millennial backed Sanders’ tax plan will cost the economy at least 6 million jobs. The increase in taxes, which would slam over 74 percent of the population, will slash economic growth and production in the hopes of financing his single-payer healthcare system. The ideological attack on business through taxes will do nothing but harm the nation, in both the short and long run.
When his tax plan was originally released, it was clear it was going to be bad for the economy, but the losses will truly make us all “Feel the Bern”. The first big hit would be on GDP growth, which is an integral part to American job creation and income growth. The figures, according to Investors Business Daily, show that GDP growth will be cut by 9.5 percent, shrinking the amount of available jobs for American workers. The plan will also have a negative effect on stocks as well. Capital stocks will be reduced by 18.6 percent, allowing for less capital investment in companies, which means less growth.
It was always assumed that the burden of the 6.2 percent payroll tax would be put onto the employee, but the impact the figures from The Tax Foundation show is far worse than anticipated. We currently live in a time of stagnant wages and a lack of availability of full-time work, there is no reason to amplify this even more. To have the wage rate decrease 4.3 percent over ten years is simply unbearable and irresponsible for any leader trying to revive a great nation.
It is absurd to think that anyone would fall for such a blatant attempt to hurt the free market and increase dependence on the government. Whether it is caused by the allure of “free” services or a sense of entitlement that some may hold, forsaking the ideals of the nation will only hurt us. The loss of so many jobs and decrease in the economic growth will only hurt these ideals, and force many to turn to the ever growing government to provide. The founders must be rolling in their graves.