On Friday, the White House Council of Economic Advisers released a report revealing that each American household will spend at least an extra $350,000 over the next 10 years to pay for the $49 trillion that Democratic Socialists of America’s top policies would require if adopted.
The “Real Cost of Socialism in America” report outlines the impacts of the top policies championed by DSA members, including those of the five candidates expected to be sworn into Congress this November.
“Make no mistake, these are the Democrats’ policies. They want to destroy our great, hard-fought nation, and plummet our economy and the very fabric of our nation into the ground,” a White House spokesperson said in a statement shared with the Daily Signal.
The policies outlined in the report include reopening America’s borders, amnesty for illegal aliens, abolishing prisons and Immigration and Customs Enforcement, government-subsidized health care for everyone, and canceling all student debt.
The report then added up the “net fiscal burden” of these policies and scored them against the federal budget, finding that they would add upward of $49 trillion to it over 10 years.
The report also notes that Americans could be faced with skyrocketing, double-digit inflation that could rise up to 160% over the next 10 years, coupled with double-digit interest rates on loans and mortgages at “levels not seen in decades.”
According to the report, these effects could further hinder homeownership and place the American dream out of reach.
Other direct impacts of these socialist policies, according to the executive summary, include unprecedented tax hikes that could cut the jobs of hardworking Americans and their paychecks by nearly 30%.
In a statement shared with the Daily Signal, a White House spokesperson added that “the United States of America will never be a communist nation.”
Since taking office, the Trump administration has moved to secure the border, unleash American energy, usher in a wave of new investment, make life affordable for working families, and right-size the federal government, the White House spokesperson said. Those efforts have driven a manufacturing boom, turned America into an energy-producing powerhouse, and made the country more affordable for hardworking Americans.
“We finally have an economy built around rewarding the people who do the actual building,” the report continued.
[Editor’s note: This story originally was published by The Daily Signal.]
