Paying for Programs
America is deeper in debt than ever, yet we're spending less on working Americans than ever. We can afford and must invest in the social programs that actually help our people, like healthcare, childcare, and education.
Research shows that spending on social programs like childcare and education creates "a virtuous cycle in which workers are happier, more engaged, and more productive. Society benefits from improved performance which offsets costs, and becomes more just and humane." But we recently cut spending on social programs to a 50-year low, and lag behind most OECD nations in providing these programs. With smart budgeting – and our priorities in order – we can finance these people-power programs that will yield the greatest returns for our society.
The programs we need, and their costs
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Universal public college
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Affordable Housing
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Universal childcare
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Universal healthcare
Ensures all Americans can access quality healthcare, boosts productivity
Cost: TBD. The NIH shows it will save us trillions over the next decade
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Paid family and medical leave
Let's put those costs in perspective
Researchers agree that these programs will pay for themselves over time. But even if they didn't, we can easily free up the money to fund them. Here's a few examples of things our government is wasting our taxpayer dollars on today:
Our bloated military: $800 billion
The US military takes up nearly half of our annual budget. Experts say this money is "a huge source of unjustified profits for weapons CEOs” and gets wasted on programs "that reflect sheer excess." The Pentagon has buried over $125B in administrative waste; that alone would be enough to cover both universal college and childcare.
Handouts for Big Business: Trillions
American taxpayers pay for trillions in government subsidies for giant corporations. While our business elites rail against directing government funds to working Americans, they have no problem with taking it for themselves – to our detriment. Per the Hoover Institute, "despite the rhetoric that corporate welfare pays, the truth is quite the opposite. It is easy to show that America's economic welfare is lower, not higher, because of these subsidies."
Tax cuts for the rich: $2 trillion
When they last held office, "Republicans spent $1.9 trillion on tax cuts that primarily benefited the wealthy and
corporations" and that "[didn't] solve any of the problems facing American families." The London School of Economics has proven that these tax cuts are bad for both our economy and inequality.
And we can raise even more money
Not only can we make smart cuts (per the above) to pay for these programs, we can also raise more money to fund them by forcing large corporations and the super-rich to finally contribute their share.
Reinstate a responsible wealth tax
Close the carried-interest loophole
Payoff: adds $3 trillion in government revenue over 10 years
Payoff: adds $1-18 billion annually
Reinstate a responsible estate tax
Close Medicare loopholes
Payoff: adds $145 billion in revenue annually
Payoff: adds $200 billion over 10 years
Our budget reflects our priorities as a nation.
We can continue to give tax breaks and direct government funding towards our business elites, or we can finally invest in the programs that empower everyday Americans and grow our economy. But we can't do both.