CNN: Median income would soar by more than $22,000. Nearly 26 million jobs would be created.

[BigBearJohn]

http://money.cnn.com/2016/02/08/news/economy/sanders-income-jobs/index.html?sr=fbCNN020816sanders-income-jobs0524PMVODtopLink&linkId=21086984

Median income would soar by more than $22,000. Nearly 26 million jobs would be created. The unemployment rate would fall to 3.8%.

Those are just a few of the things that would happen if Bernie Sanders became president and his ambitious economic program were put into effect, according to an analysis given exclusively to CNNMoney. The first comprehensive look at the impact of all of Sanders' spending and tax proposals on the economy was done by Gerald Friedman, a University of Massachusetts Amherst economics professor.

This more sweeping analysis was not commissioned by the candidate, though Sanders' policy director called it "outstanding work." Friedman has worked with Sanders in the past, but has never received any compensation. The Vermont senator asked Friedman to estimate the cost of Sanders' Medicare-for-all plan -- which came out to $13.8 trillion over 10 years -- and included the analysis when he unveiled his proposal last month.

Friedman, who believes in democratic socialism like the candidate, found that if Sanders became president -- and was able to push his plan through Congress -- median household income would be $82,200 by 2026, far higher than the $59,300 projected by the Congressional Budget Office.

In addition, poverty would plummet to a record low 6%, as opposed to the CBO's forecast of 13.9%. The U.S. economy would grow by 5.3% per year, instead of 2.1%, and the nation's $1.3 trillion deficit would turn into a large surplus by Sanders' second term.

[bbgrunt]

1. I love that his name is Friedman.

[Fuddnik]

2. Yeah, it's the other 2 Friedmans who give the rest of them a bad name.

[Cheap_Trick]

3. Or we could just stay the status quo

like Hillary wants to do. "Change is too hard. Pay me now, Goldman Sachs."

[LWolf]

10. Nope. Can't do it. Pay me now.

I've been hearing this most of my adult life. It's the thinking that promoted and maintained the DLC/From "bloodless coup."

It's time to kick this shit to the curb.

[Matariki]

4. Wow. That was on CNN?

That's something.

[Enthusiast]

5. We can't have that! Clearly Bernie's plan does not include enough human suffering!

[SecularMotion]

6. If we lived on the moon, we could jump 10 feet high.

[scuciti]

7. It is all true

Incredible as it sounds, it would just be returning to what the U.S. was 40 years ago. That's how brainwashed we are, that some think it is fantasy. This isn't magic. Its just a return to sanity.

The real problem we now face is waking up our fellow citizens who still follow the dog whistles of their corporate overlords. Give it up people and feel the Bern!

[sorechasm]

8. We can do this, but it will take a massive GOTV campaign every 2 years through 2024.

It relies upon an Election Revolution of 60%+ voter turnout with each election, and constant pressure upon all our elected officials for transparency to make a government of ideas work.

Sanders' plan to pour $14.5 trillion into the economy -- including spending on infrastructure and youth employment, increasing Social Security benefits, making college free and expanding health care and family leave -- would juice GDP and productivity. (Friedman reduces the cost of Medicare-for-all to $10.7 trillion because he estimates the government would save $3.1 trillion by eliminating tax breaks for health insurance premiums.)
Also, Sanders would raise the minimum wage, as well as shift income from the rich to the middle and working class through tax hikes on the wealthy and corporations.
"Like the New Deal of the 1930s, Senator Sanders' program is designed to do more than merely increase economic activity," Friedman writes. It will "promote a more just prosperity, broadly-based with a narrowing of economy inequality."

No single politician can accomplish this. It will take a movement.

[HereSince1628]

9. Has any economist guessed at what would that do to inflation?

Raising wages is great, don't get me wrong, but pricing tends to be about getting as much as the buyers will pay.

Has anyone looked at those impacts and the need to protect the people who will be on fixed incomes?

[amborin]

11. people realize this; when the inequality is addressed, the middle class wins