Maya MacGuineas, president of the Committee for a Responsible Federal Budget, says that Bernie Sanders has proposed such a massive spending increase that even his gigantic tax increases won’t pay for it all.
Appearing on MSNBC’s “Andrea Mitchell Reports” on Tuesday, MacGuineas said that Hillary Clinton “has a much smaller version” of Sanders’ spending plans, but “we have not heard her campaign emphasize the need for fiscal responsibility.” (RELATED: This Chart Shows What Your Paycheck Will Look Like Under Bernie Sanders’ Tax Plan)
Regarding Sanders’ and Clinton’s massive spending proposals, Mitchell asked MacGiuneas, “Has anyone explained from either of these two Democratic campaigns how you pay for what they’re proposing?”
MacGuineas replied, “So there’s a lot of promises out there and basically they’re similar except that Bernie Sanders’ world is much, much bigger. So both Sanders and Clinton have put forth plans for new policy initiatives on education, on health care, a lot of new spending programs and, to their credit they put forward ideas that would pay for those but in that Sanders plan, unfortunately it appears from all the outside analysts who have looked at it, the numbers don’t add up and they don’t add up probably by trillions of dollars.”
“So that means his massive expansion of government would expand the government tremendously, would fall short of paying for it, and I think this is really important, he would raise taxes so much that there really wouldn’t be any money left to deal with the fact that we have these gaping budget deficits and record levels of debt,” MacGuineas said. “And so once you’ve payed for the amount of the offsets he’s recommended, his income tax rates, his top income tax rates would be at the level that many economists say you can’t raise more money. You couldn’t raise rates any higher and get money.”
Regarding Clinton’s spending plan, MacGiuneas claimed that “Clinton is a much smaller version of that. And to her credit, it looks like those numbers do add up. They come close to paying what she would spend. But again, we have not heard of her campaign emphasize the need for fiscal responsibility.”
Under Sanders’ tax plan, the high income earners in America, people an annual salary of $92,110 will see their bi-weekly incomes fall from $2,609 to $2,391. That’s an 8.3 percent ($218) drop in pay.