The White House Council of Economic Advisers just released a report putting a price tag on the Democratic Socialists of America's agenda. Free college, Medicare for All, rent control, the Green New Deal, a 32-hour workweek, and a wealth tax on billionaires all sound good on a campaign sign. This report shows what they would actually cost.
The total comes to about $49 TRILLION in new deficits over the next ten years. That works out to roughly $355,000 per American household.
Somebody has to pay that bill, and here at home, the math hits hard.
The typical household in Texas' 14th District earns about $77,000 a year. If taxes go up to cover this agenda, take-home pay would drop by more than 28%, working the SAME hours. If the government borrows the money instead, mortgage rates could top 12% and prices could more than double within a decade.
For young families in Lake Jackson, League City, or Port Arthur saving for their first home, that pushes the American Dream further out of reach.
The Green New Deal hits especially close to home. The DSA platform calls for phasing out fossil fuels, the same industries that keep the lights on across the country and keep so many Texas Gulf Coast families working. The report finds that pushing homes off natural gas would raise the average gas-heated household's bill by about $340 a year for heat alone. Electric vehicle mandates would cost the average household nearly $12,000 more when it's time to replace the family cars.
Health care would take a hit too. Medicare would move roughly 170 million Americans off their employer health plans, including the coverage many Southeast Texas families count on through work. Even with their own financing plan, it still leaves a $27.7 TRILLION hole.
The rest of their agenda follows the same pattern.
- Rent control would mean 3.3 million fewer rental homes nationwide over ten years.
- A 32-hour workweek would cost about 5.8 million jobs.
- The billionaire wealth tax would leave the median full-time worker about $1,700 a year poorer.
None of this agenda is free. Somebody has to pay for it, and that somebody is YOU. I'll keep fighting to protect your paycheck and the energy jobs that power this district and this country.
You can read the full report at whitehouse.gov/socialism.