Wednesday, March 25, 2015

More Banana Bucks For Amnesty

In Let The Banana Bucks Flow: Executive Amnesty Could Cost More Than Bush Tax Cuts, I guessed at a ball park a cost for amnesty:
For 5 million people alone, these costs could easily skyrocket to $500 billion, exceeding the level of the Bush tax cuts.
Turns out I'm easily off by a factor of three.

The Many Costs Of Obama's Executive Amnesty
Rector told the House Oversight and Government Reform Committee last week that the lifetime costs of Social Security and Medicare benefits paid to the millions of immigrants to whom Obama is granting legal status will be about $1.3 trillion.
That is actually a lowball figure based on 4 million amnestied. If it's 5 million, the cost is closer to $1.6 trillion, just for Social Security and Medicare. I did not count those benefits in my $500 billion estimate, I was looking only at tax breaks (such as EITC and child tax credits) and local costs such a public schools.

DAPA recipients, according to Rector's calculations, will receive $7.8 billion every year once they get access to the refundable earned income tax credit and the refundable additional child tax credit.
The average DAPA-eligible family already receives about $6,600 a year in means-tested welfare benefits. That includes food stamps, school lunch (and breakfast), Medicaid, the State Children's Health Insurance Program and the Special Supplemental Nutrition Program for Women, Infants and Children.
They don't even consider local education costs.

There's no way the country can afford these new welfare recipients. There will be massive cuts in welfare spending. Not from Congressional spending cuts, but from currency devaluation. The U.S. dollar is in the middle of a bull market right now, but when this market breaks, the U.S. dollar will begin its long collapse.

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