Report: DSA Agenda Will Impose an Economic Cost of $49 Trillion Over the Next Decade

If the Democratic Socialists of America agenda is enacted it will impose an economic cost of $49 trillion over the next decade, according to a new report from the Council of Economic Advisors.

The Oct. 1 report is titled “The Real Cost of Socialism in America.”

Key findings:

-If the DSA agenda is enacted, households will face a cost of $350,000 over the next decade.

-The DSA tax hikes alone “would lower U.S. economic output (real annual GDP) by 14.6 percent in perpetuity. This is driven by fewer machines, fewer factories, and less intellectual property, and by a 16.2% fall in total labor hours — less employment.”

-After-tax hourly wages for the average household would shrink by 28.4%, an annual income loss of $22,000.

-Due to DSA national rent control, there would be 3.3 million fewer rental unites available in the USA. It would destroy $545 billion in economic value.

-The Green New Deal would cost $335 billion per year between now and 2050.

-The “wealth tax” would lower wages by $1,700 per year for the median full time worker.

Click here to read the official news release and here for the full report.