Third Party & Independents Archives

Don't Talk About Debt; Scream About Entitlements!

As Philip Klein writes in the Examiner, America’s steadily growing public debt is every young person’s nightmare, because the tough choices keep getting kicked down the road. Do young(er) people care?

Just look at who’s supporting Bernie Sanders: overwhelmingly his support comes from younger voters. And as a survey released by Vox last April 14 on the eve of tax day shows, younger voters are not willing to pay enough additional taxes to fund Sanders universal healthcare plan, nor his education plan.

The system is rigged! Let the other, richer, and older voters pay for what we're entitled to. But as a thought exercise, suppose Sanders wins the nomination - it's a thought exercise ok? - and the election - thought exercise! And he actually is able to pass a large portion of this plans through Congress. And the new Supreme Court - assume 2 vacancies open up and are filled by hard core progressive justices - does not rule his schemes unconstitutional.

Even under this dystopia, Sanders supporters may not be willing to pay enough increased taxes to fund the universal healthcare and free college programs. Much needed revenue falls short and even with punitive taxes on the financial industry and wealthier individuals the deficit widens, and the public debt begins to increase at an accelerating rate. Interest payments and entitlement spending eat up almost all the operating budget of the US government. Then eat up more than the operating budget.

So things like ... everything else ... can only be paid for by issuing far more debt. And massive amounts of quantitative easing or just old-fashioned printing press financing of the growing deficit and debt burden become official policy at Treasury and the Fed.

So the dollar finally suffers a true crisis of confidence on the part of both American and international investors. What is now an angry dialogue between younger radical voters and older voters - some wealthier, some not so wealthy - turns into violent confrontations and protests, with quasi-tribal groups screaming about their own identity politics amidst the tear gas.

And America starts to resemble it's South American neighbors more than its trans Atlantic neighbors.

This won't happen. The odds are not statistically significant. For now at least. But the warnings are there. Even without a Sanders in the White House. Because neither Hillary nor Trump have placed any sort of priority on reducing America's debt. At least not within a sustainable, reasoned and well-thought-out plan. Yes, increasing GDP growth to over 3% a year would help. But you need to protect the downside. Always.

Posted by AllardK at May 20, 2016 3:04 PM
Comments
Comment #404874

Such nonsense Allard. The spirit of America is can’t do according to you. What a bunch of losers the baby boomers and GenX are, unable to pay for universal health care or college while we instead get bled by insurance companies. Our insurance hasn’t stopped going up over 10% a year while raising the deductibles. Only the truly gullible believe it is due to the ACA.

I have an idea lets get away from the bloated military that invades and dominates other countries and peoples around the world. Imperialism has proven to be to expensive for us and the world. Lets bring the troops home, cut funding to the military and add some funding to the VA to take care of the wounded vets and then invest in ourselves. Let Israel and other fascist counties and kingship’s fight their own battles.

Reagan started us on the path of South Americanization so why are you surprised to see we continue to head that way? Low taxes on the wealthy and taxing the middle class higher and higher hasn’t worked we are still in debt. Tax breaks to the “job creators” is a farce. Time to get rid of tax havens and put the corporations on notice pay or go away. Low wages causes debt it seems, low wages and wars paid for on credit cards. The fiscal conservatism of Reagan, Gingrich, and GWB has failed us. Time to pay the piper for starting religious wars and carding them.

Posted by: j2t2 at May 23, 2016 12:38 PM
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