Democrat presidential candidate Sen. Elizabeth Warren proposed a radical plan last week that essentially calls for confiscating wealth from the haves and using it to raise the children of everybody else.
Speaking at two events in Houston last Friday, the far-left candidate specifically called for spiking taxes on anyone earning more than $50 and using the revenue generated from this endeavor to basically fund the life of every child’s life from birth til the age of 18.
The first set of remarks were made mid-Friday afternoon at Houston’s George R. Brown Convention Center, where Warren and a slew of her 2020 contenders congregated Friday to reportedly court thousands of union-affiliated teachers.
When the senator’s turn to speak arrived, the following question was posed to her: “What can you do for the United States to ensure that all children are entitled to a fully funded public education — a quality education for all?”
Listen to her reply below:
“I got a plan for that, because I believe that if you want to get something done, you really do need a plan for that,” she said. “So let me just give you some pieces of it.”
“It starts with a wealth tax that’s a two-cent tax on the top one-tenth of one percent of the great fortunes in this country — people who have more than $50 million in wealth. … Your 50 millionth and first dollar, pitch in two cents, and two cents for every dollar after that.”
Warren then listed out what the revenue from this tax would allegedly be able to fund:
- “We can provide universal childcare for every baby in this country aged zero through five.”
- “Universal pre-k for every three-year-old and four-year-old in this country.”
- “Raise the wages of every preschool teacher and every childcare worker to the professional levels they deserve.”
- “Invest in our infrastructure so we can have good, clean schools, state of the art for all our kids.”
- “Universal, tuition-free technical school, community college and 4-year college for everybody who ants to get an education.”
“And there’s more,” she continued. “In that same two cents, we can make all these investments, plus we can cancel student loan debt for 95 percent of the people who have student loan debt.”
So the plan would fund the raising of a newborn til he or she is five, then continue by funding the same child’s preschool. Kindergarten through twelfth grade are already funded via America’s public school system. Finally, after graduating from high school, kids would also now have their post-high-school life funded to some degree as well.
Roughly three to four hours later at a town hall meeting at the University of Houston, the Massachusetts senator doubled down on this proposal.
Attending the Elizabeth Warren rally at the University of Houston right now and caught this picture in the hallway just before she headed to the stage to speak! pic.twitter.com/aD2eUiD3h4
— VJ (@vj_hustede) July 5, 2019
“She highlighted her plan to increase taxes on individuals making more than $50 million, joking with the crowd that ‘the first $50 million, you’re good,’ and running through a laundry list of things the revenue from the tax could pay for,” the Austin American-Statesman reported.
The list reportedly included the same things as before.
This bold proposal may be one of the radical and most expensive proposals issued in recent times, second only to socialist Congresswoman Alexandria Ocasio-Cortez’s “Green New Deal” and fellow 2020 contender Sen. Bernie Sanders’ “Medicare-for-All.”
In both cases, AOC and Sanders were unable to provide a satisfactory answer on how they’d fund their radical proposals. The situation may be the same with Warren’s plan.
According to Court Service News, Warren has claimed her wealth tax would raise $1 trillion over a decade. The problem is that the combined costs of all the freebies she’d like to offer would likely extend way beyond $1 trillion over the course of an entire decade.
Take student loan debts. According to data from the Board of Governors of the Federal Reserve System, as of March 2019 an estimated 43 trillion Americans owed a total of $1.4 trillion in federal student loan debt. It’s unclear how raising only $1 trillion over 10 years would eliminate this debt.
According to the briefest of research, about 92% of student debt is owned by the Dept of Education—does it count as “cancelled” if it’s a debt the U.S. gov owns and can forgive? https://t.co/w4l701dpnr pic.twitter.com/gEaaU86Gky
— Owen Barcala (@obarcala) June 24, 2019
These numbers don’t seem to add up, as noted by Warren’s critics on social media:
@SenWarren ELIZABETH, THE MATH DOESN’T REALLY ADD UP HERE BUT I THINK YOU KNOW THAT! IT SHOULD BE AGAINST THE LAW TO LIE TO THE AMERICAN PEOPLE, OF WHICH YOU BLATANTLY ARE LYING TO THE AMERICAN PEOPLE! GIVE UP THE GHOST ELIZABETH, YOU’VE HAD IT, YOU’RE DONE FOR PERIOD! pic.twitter.com/6vgoHBfGgi
— Judy! (@20jhosier16) July 6, 2019
The math doesn’t work out on this – student debt alone is around 1.5 trillion dollars. A wealth tax of 2% on the top 1/10 of 1 percent would generate 10-15 billion dollars. Where is the rest of the money coming from @SenWarren ?
— B.Mitchell (@BrianMitchell40) July 5, 2019
— LlamaExplodingComputer (@Hal_RTFLC) June 4, 2019
Her math doesn’t work because she doesn’t understand that the taxpayers are not an ATM machine for the use of the Dem party.
— Darla Quinn (@DarlaQuinn3) June 7, 2019
Even if Warren gets her wealth tax (won’t happen), she can’t pay for most of the crap she wants with it:https://t.co/0RwQyGID26
Her and Bernie are just making empty promises to people to get elected. It’s frustrating because some politicians are actually trying to be honest.
— Snarky Lawyer (@SnarkedUpLawyer) June 25, 2019
File under “Pandering is easy, but math is hard.”https://t.co/ZepGQwfnjH
— Last Flack Standing (@LastFlack) June 25, 2019