We talk with economist Gerald Friedman about presidential candidate Senator Bernie Sanders’ economic proposals and their impact on income, jobs, economic growth, taxes, the federal deficit, international trade, poverty and moving to a sustainable, more equitable economy.
If Bernie Sanders becomes president, median income in the US could reach more than $82,000 dollars per year — an increase of about $30,000 dollars over current levels. Twenty six million jobs could be created, especially in renewable energy and rebuilding our failing infrastructure.
If that isn’t enough for you, how about this? Poverty could plummet to a record low of 6%, while our $1.3 trillion dollar deficit would turn into a big surplus by President Sanders’ second term.
Pie in the sky? Rainbows and unicorns? Not according to economist Gerald Friedman.
We spoke to Friedman a few weeks ago about the economics of Senator Sanders’ Medicare For All plan. That plan is based on Friedman’s analysis of cost savings of single payer health insurance in several states and nationally.
Friedman’s work on single payer is just one element of a much more comprehensive analysis he’s conducted of the economic impact of Bernie Sanders’ platform. He released his report to CNN Money.
Sanders has been accused by the Clinton camp of lacking specifics. But anybody who goes to BernieSanders.com, the campaign website, can find a wealth of specifics.
Gerald Friedman has delved into them in detail. (If you want to skip how he did his economic analysis to just hear about the results, start at 00:08:56.)
In this interview, Friedman discusses the impact of Senator Sanders plan on income, jobs, economic growth, taxes, the federal deficit, international trade, poverty and moving to a sustainable economy that protects the climate. He also discusses how Americans could begin to take back their time — work less in return for less consumption — in a Sanders economy.
Gerald Friedman is Professor of Economics at the University of Massachusetts-Amherst. His work was the basis for attacks on Senator Sanders in the Wall Street Journal, which the Clinton campaign has used and which Friedman has countered.