Then there is Clinton’s plan for reduced college tuition. While not as grandiose as Sanders’s “free tuition for everyone,” Clinton’s proposal would still cost at least $350 billion.
Finally, she also wants to spend more on drug treatment ($10 billion), incentives to encourage profit sharing with employees ($10 billion), and other corporate welfare such as “new market” incentives (another $10 billion). To update Everett Dirksen, 10 billion here, 10 billion there, and pretty soon you’re talking real money.
Altogether, Clinton has already called for more than $1.1 trillion in new spending over the next ten years. And it’s still eleven months until the election.
And, while it’s not precisely “new” spending, Hillary has been steadfast in opposition to reforming Social Security, Medicare, and Medicaid. She has even expressed sympathy, if not yet support, for proposals to expand Social Security.
Don’t worry, though. Ms. Clinton will pay for all this by taxing — you guessed it — the rich. According to the Clinton campaign, she would raise taxes only on the top 3 percent of American incomes (that would be those earning at least $250,000 a year), and, of course, on businesses. But setting aside the question of what more than a trillion in new taxes on business, investors, and entrepreneurs would do to the economy, does anyone really believe that the middle class wouldn’t be touched by Hillary’s tax collectors?
Indeed, the Washington Post scoffs that “There is simply no way that the federal government can meet its current fiscal commitments, plus the increased demands of an aging population, and provide the new forms of middle‐class relief and business tax relief Ms. Clinton promises, while tapping only the top 3 percent of earners.” (Emphasis in original.)
That’s because, as University of Chicago professor Austan Goolsbee, a former Obama adviser, acknowledges,