New White House Report Shows Shocking Cost of Democrat Socialism

This press release from Senator Marsha Blackburn (R-TN) was published on 2026-10-13 and titled "New White House Report Shows Shocking Cost of Democrat Socialism".

New White House Report Shows Shocking Cost of Democrat Socialism

$49 trillion. That - according to a stunning new report by the White House Council of Economic Advisers - is how much Democratic Socialists of America's agenda would cost our nation over 10 years. For each household, that works out to $355,000, or roughly four times the median household income. To pay for this colossal sum, American workers would lose on average $22,000 in annual income to tax increases, lowering our GDP by close to 15 percent. The consequences would be catastrophic. Yet mainstream Democrats have championed many of the policies that would contribute to these staggering costs. Look no further than Medicare for All. This government takeover of Americans' healthcare - supported by at least 18 of my Democrat colleagues in the Senate - would cost taxpayers more than $47 trillion. In exchange, the government would be empowered to dictate who your doctor is, which treatments you can undergo, and how long you have to wait to receive care. While our nation currently leads the world in healthcare innovation, Medicare for All would lower medical productivity by 22 percent, worsening outcomes for millions of Americans. Through overbearing energy and vehicle mandates, the Green New Deal - backed by at least a dozen Senate Democrats - would cost the U.S. economy $12 trillion over 25 years, or $91,000 per household. Electricity bills would rise at least 16 percent in gas-heated homes, $244 billion in car sales would be wiped out due to unaffordability, and real GDP would drop $2.2 trillion over a decade. Over the same time, government revenues would drop $370 billion. Other Democrat favorites would similarly drive up our debt and hurt Americans' pocketbooks: student debt cancellation and tuition-free college would cost taxpayers $3.6 trillion; a 32-hour work week would cost $920 billion; open borders and amnesty for illegal aliens would cost $527 billion; and universal rent control would cost $16 billion while destroying $546 billion in economic value. To pay for this profligate spending, Democrat socialists propose a wealth tax that would raise close to $4 trillion over 10 years - lowering wages by $1,700 annually for the median worker, forcing 1.1 million Americans into unemployment, and costing our economy $8.6 trillion in lost productivity. Two of my Democrat colleagues in the Senate have thrown their support behind this destructive proposal. This agenda would inflict unthinkable harm on Tennessee families and millions across the country. Instead of supporting failed policies like these, President Trump and Republicans are charting a different path that rewards Americans for their hard work and ensures that they keep more of their money in their pocketbooks - not less. Last year, President Trump signed into law Republicans' Working Families Tax Cuts, preventing the largest tax hike in American history: $4 trillion. Every single Democrat voted against this legislation, which saved Tennesseans on average $2,600 this tax season with lowered taxes on tips, overtime, Social Security, and much more. Meanwhile, the Trump administration has eliminated hundreds of needless regulations, saving taxpayers $211 billion in 2025. This year, deregulatory savings are projected to reach $1.5 trillion. To be certain, Tennesseans are paying too much at the pump and at the grocery store as we continue to recover from Bidenflation and Iran's assault on world energy markets. That's why Republicans are laser-focused on lowering costs and restoring affordability. Thankfully, we're already seeing the fruits of President Trump's America First agenda: After declining under Joe Biden, median household incomes have hit a record high; poverty is at a historic low; jobless claims are falling; and businesses have made trillions in new investments right here at home. If Democrats were in charge, they would wipe out this progress and destroy our economy with their $49 trillion failed economic agenda. As long as Republicans are in control, we will never let that happen.