Just this past week Bernie Sanders announced a 2.5 trillion plan to “guarantee housing for every American.” In case you missed it, a few weeks earlier he had announced a New Green Deal that costs 16 trillion dollars.
Let’s do the math folks. 16 trillion is 76% of our entire GDP; and 16 plus 2.5 trillion is 18.5 trillion, which is 88% of our GDP. Throw in Medicare-for-All (2 to 3 trillion more?), and you get an idea of how ludicrous and unrealistic what Sanders is proposing really is.
Looking at these proposals, it begs the question: Who is doing the accounting for Sanders (and Warren)?
Our Entitlement programs are gobbling up the federal budget, and they are growing at double the rate of inflation. As it is, we are already operating with an enormous deficit that has been growing for years.
The baby-boomers are retiring and that means less tax revenues in the coming years to sustain our Entitlement and other federal programs.
How will Bernie and company fix all of this? Taxes of course, going after the corporations, even taxing your wealth (not just your income).
As we all know, big government (aka socialism) does not generate wealth. Bernie and Warren have to go after the wealth of those that produce it. The rich, the middle class, and the corporations.
Is this a sure formula for disaster? You can bet it is.