Bernie Sanders says he’ll pay for free college education by collecting $40 billion from Wall Street. He’ll do it by levying a small tax on each share of stock that’s traded. This illustrates why politicians offering freebies often appear oblivious to the economic effect of their promises.
Daily stock trades are largely made for pension plans. That’s either your PERS or your STRS, your corporate retirement plan, or IRA or 401k. That’s $40 billion taken from pensions, many of which are already underfunded. It’s also coming from stocks traded in mutual funds.
Bernie’s plan, like so many other good intentions coming from Washington, hurts the very people they say they want to help: our hard-working middle class.
Remember, there’s no free lunch. You end up paying one way or the other.
Diane Blakeslee Brocato, San Luis Obispo