Bernie Sanders’ plan for the economy would create nearly 26 million jobs and increase median income by more than $22,000, according to University of Massachusetts Amherst economics professor Gerald Friedman.
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.