by Mitch Kokai
Senior Political Analyst, John Locke Foundation
Facing mounting pressure to explain how he will raise enough revenue to cover the largest peacetime budget in American history, Sen. Bernie Sanders (I., Vt.) in advance of Tuesday evening’s debate released a plan outlining how he will pay for his proposals.
The plan, which debuted Monday evening, projects additional revenue of more than $37 trillion over the next 10 years, the product of a cross-section of aggressive new taxes on everyday Americans as well as the top percentile of earners. That figure pales in comparison to the tens of trillions Sanders expects to spend over the next 10 years, leaving a substantial budget shortfall even under the rosiest of assumptions.
Sanders, the current frontrunner for the Democratic nomination, released his plan the day before the South Carolina Democratic debate amid increasing scrutiny. Although the plan partially addresses critics’ charges that Sanders has been evasive on how he will pay for his proposals, it also opens up new lines of attack, allowing moderate opponents to charge him not only with excessive spending but also financial irresponsibility.
In total, the plan covers seven major components of Sanders’s agenda: Medicare for All, a Green New Deal, universal college and canceling student debt, universal pre-k, universal public housing, expanding Social Security, and eliminating medical debt. Its $37 trillion of added tax revenue reflects a bevy of old proposals—especially Sanders’s wealth tax—as well as new details on, for example, Sanders’s projected revenue from Green New Deal jobs.