It sounds as if the other Democratic POTUS hopefuls already grabbed up a lot of the big ticket, “free” things to promise people. You know… like free college tuition, free healthcare, or free money for those unwilling to work. Elizabeth Warren was left to search for something else to give away and she appears to have settled on free child care. What will it cost? Only the paltry sum of nearly three-quarters of a trillion dollars. (Huffington Post)
Sen. Elizabeth Warren (D-Mass.) will unveil a major new initiative on Tuesday designed to make sure every family can afford high-quality child care, according to several people who have heard about the proposal or seen material describing it in the past week.
The plan seeks to make access to child care universal, the sources told HuffPost, by offering federal funds to providers that offer care at their facilities on a sliding income scale.
No family would have to spend more than 7 percent of its household income on child care, no matter the number of kids. Families with incomes below twice the poverty line, which is roughly $50,000 a year for a family of four, would pay nothing.
Yes, that price tag comes in at $700B over the first ten years. This represents quadruple the amount we currently spend on child care programs, and those only cover the very poorest families. But look at who would be getting the largest benefits. The plan specifically states that everyone making less than roughly $50K per year would pay zero for childcare. The taxpayers would be handed the bill.
Perhaps not coincidentally, $50K is fairly close to the median income in the United States. A huge number of families would immediately qualify. And Warren’s plan basically admits that she’s lowballing the cost because it relies on “higher economic benefits of early childhood investments.” In other words, if those “benefits” don’t materialize in a way that generates more revenue, the cost will likely be much higher.
If we scan the field of some of the leading Democratic/socialist candidates, we’re going to be paying some hefty bills for the Green New Deal, free college tuition for everyone, the elimination of the private health insurance industry and now, child care. Each of these would come with a cost of either hundreds of billions or trillions of dollars. And the only proposals being mentioned as to how to pay for all of this is more taxes on “the rich.”
The national debt just passed $22 trillion, in case you were wondering. We no longer have a major party with any real interest in reducing it, so we’re just going to keep heading toward the cliff that we’ll inevitably go over. Picking up the pieces after that is going to be a nightmare so I’m kind of hoping I won’t be around to see it.