Top Economist Says Bernie Sanders’ Plan Will Raise Median Income $22,000 and Create 26 Million Jobs|
A respected economist who has been cited by the Wall Street Journal has released a new analysis of Bernie Sanders’ domestic policy and economic programs, and his findings are frankly stunning: Median income would increase by $22,000 and 26 million jobs would be created — bringing the unemployment rate to 3.8%.
Specifically, the analysis estimated that the median income would rocket to $82,200 by 2026, far higher than the projection of $59,300 currently estimated by the Congressional Budget Office. Poverty would drop to 6%, compared to 13.9% under the CBO’s numbers, and the economy would grow by 5.3% compared to 2.1%.
Gerald Friedman, an economics professor with the University of Massachusetts Amherst, gave this exclusive analysis to CNN Money. His analysis was not commissioned by the Sanders campaign, but the campaign’s policy manager called the report “outstanding work.”
Friedman has worked with the Vermont senator in the past, estimating the cost of Sanders’ health care plan, but he has never received compensation from him or his campaign.
In fact, Friedman’s previous analysis made major waves, but it was for an unusual reason.
The Wall Street Journal posted a savage hit piece against Senator Bernie Sanders’ health care plan, citing Friedman’s analysis and claiming that it had a price tag of $18 trillion.
The only problem is that this was the exact opposite of Friedman’s conclusion, and he responded to being misquoted by posting his own takedown of the Journal’s article in an open letter. In it, he explained how the Journal glossed over the fact that “by spending these vast sums, we would, as a country, save nearly $5 trillion over ten years in reduced administrative waste, lower pharmaceutical and device prices, and by lowering the rate of medical inflation.”
In terms of not understanding math, this would be like the Wall Street Journal reporting that a company was a success based solely off its revenue numbers even as it operated at a loss. So either they were deliberately misleading their readers or they’re just… well… dumb.
Either way, Friedman’s analysis stands strong next to 170 prominent economists who officially endorsed Bernie Sanders’ plan to rein in Wall Street excess, including Robert Reich, former U.S. Secretary of Labor under President Clinton.
[A previous version of the story stated that the New York Times misquoted the overall cost of the plan at $18 million, when they actually cited a figure of $18 trillion. The error has been corrected, and we apologize for the oversight.]