The People’s Budget would finance $1.7 trillion worth of public investment over the next decade, most of which is front-loaded over the next five years. The budget would strengthen Social Security by lifting the cap on taxable earnings. The budget also would accrue health savings of $308 billion over the next decade, primarily by creating a public option for health insurance and negotiating prescription drug prices for Medicare Part D.
The budget would reduce conventional and strategic military forces, for savings of $692 billion and end all emergency war supplemental appropriations for savings of $1.6 trillion. Finally, individual and corporate tax reform would ensure sufficient revenue to cover federal outlays by the end of the decade.