Last week the Federal Government’s General Accounting Office (GAO) gave Congress a financial update for the nation that will have implications for the future of the entire country. Gene Dodaro, the comptroller general for the GAO, testified before the Senate Budget Committee that “We’re going to owe more than our entire economy is producing and by definition this is not sustainable.” The reason for this according to Dodaro is “We’re very heavily leveraged in debt.” It was a warning that a Depression is coming.
Yet Bernie Sanders and his supporters want to increase the debt by provide freebees funded by taxpayers. It is a case of the ignorant leading the ignorant.
But wait there is more news for the ignorant. The Tax Foundation, a tax advocacy group, issued its annual report which also has dire news. Taking all taxes into account, they decreed that “Americans will spend more on taxes in 2016 than they will on food, clothing, and housing combined.” In short, taxes are Americans biggest expenditure.
Bernie Sanders claims his experts say Wall Street can easily pay for it. His so-called experts are Marxists who are not really financial experts. Independent organizations like the Congressional Budget Office examined his proposal costs and concluded that his cost estimates are too low. The CBO experts predict that his programs would cost at least $20 trillion dollars. Other experts and organizations disagree and say his proposals could cost as much as $28 trillion dollars. Either way, Bernie’s Socialist program of government spending would have a disastrous impact on the American economy.
We are already heavily in debt because of the Obama Administration spending. Obama and the Democrats have nearly doubled our national debt. He has outspent all presidents from Washington to Clinton combined. Our national debt is now over $19 trillion dollars and is growing exponentially. Under Sanders the US debt would explode to over $40 trillion creating a crisis that would have global implications especially since we are on the road to acquiring debt that would outstrip our nation’s ability to produce wealth according to the Government Accountability Office.
Financial experts have concluded that even if the government takes all of the wealth of the rich 1% and taxes Wall Street heavily, it still would not come close to funding Sanders’ programs. Instead, the middle class would have to be taxed by taking away their tax deductions and increasing their taxes by 47% over current levels according to the Congressional Budget Office. Taxes are already sucking money out of our nation’s workers pockets and it would only get worse if Sanders were elected president.
The Pied Piper of Socialism preaches a fantasy that is appealing but it ignores the reality of what we face as a result of Obama’s own version of “wealth redistribution.” It was Lenin who characterized people like Sanders’ followers as “useful idiots.” They are willing to accept a leader and his philosophy of a better tomorrow without examining the reality and cost of that dream. So they are ignorant because they don’t question or check the cost they and our nation will bear. It is truly a case of the ignorant leading the ignorant.