No, I do not mean we should not allow the Democrats to be a part of the process in government but the proposals being bandied about by the political hopefuls are unaffordable. Each of the dozen or so Democratic hopefuls to become their party’s nominee for president are jockeying to carve their own unique niche in the quagmire of lunacy. Obviously, that is not how they are their supporters view it, but it is how I see it and I’m calling it as I see it. You can agree or disagree, that is your choice and your right.
A bipartisan budget watchdog released a report recently with details regarding the cost of the various options proposed as to how the government could pay for “Medicare-for-all.” Each of the Democratic hopefuls has embraced some form of “Free Healthcare.” At least that is what they are calling it. Sadly, free is a misnomer, because their plans are anything but free. That report indicated that there is no feasible pathway for the government to realistically fund those plans. The report exposed the fallacy that simply raising taxes on the wealthy will solve the budgetary requirement.
The report, published by the Committee for a Responsible Federal Budget, studied this extensively. They examined the proposed ideas of how to raise the estimated $30 trillion needed over a ten-year span could be achieved. Those options included a 32% payroll tax. Hey, if you are working you quickly realize that their brand of free is anything but free. There would be a 25% income surtax and a 42% value-added tax.
Those plans would raise a lot of money unless the economy tanked, unemployment skyrocketed as it did under the previous Democrat administration. Unless the wealthy moved their money to offshore accounts and out of the United States as well as stopped investing. At that point, those taxes, levies, and garnishment by the government become much ado about nothing because 100% of nothing is nothing!
Taxing rich people is part of the proposal of most of the Democratic hopefuls and that resonates with those in the public who are struggling or envious of others having more than they. I am not wealthy and struggle to identify as middle-class so I should be on board with ‘sticking it to the rich’ and forcing them to ‘pay their fair share’ right? No, I am not because I understand the most basic principles of economics and see the empirical historical evidence that lower, not higher taxes stimulate the economy and fill the federal coffers.
Those reviewers, as well as other qualified economists contend that there is not enough annual income available among the higher earners to finance “Medicare-for-all.” The report stated the obvious, which the oblivious cannot see because of hate, greed, envy, or deception. The obvious is that on a static basis, even increasing the top two income rates (applying to individuals making over $204,000 per year and couples making over $408,000 per year) to 100% it still would not produce the needed $30 trillion. In short, it is IMPOSSIBLE!
The politicians are not telling us that the so-called middle-class will be the burden bearers of this fiasco. Taxes will be raised on EVERYBODY not just the wealthy. Senator Warren pretends to be the defender of the middle-class and the poor. She made the laughable promise, “I will not sign a bill into law that does not cut costs for middle-class families.” She did not say ‘cut taxes’ but ‘costs’ and that is a loophole giving her incredible wiggle room to hide her agenda. So, you pay a small premium for the ‘free healthcare’ but dramatically higher taxes, how is that ‘cutting costs’?
The CRFB.org, the Committee for a Responsible Federal Budget, wrote: “The debate over how to pay for Medicare-for-all has intensified. We have looked into what it would take, including a 32% payroll tax, an 80% reduction in non-health federal spending, or a 108% of GDP increase in the national debt.” I don’t know about you but that is more than a little troubling for me.
If America elects any of the Democrats as President and allows them to control Congress you can take it to the bank – TAXES WILL INCREASE! A 32% increase in payroll taxes would bring the rate to 47% on most wages. How do you like the idea of giving the federal government half of your salary each week? If they get their way, we will endure a 25% income surtax which would force the lowest income tax rate to climb to 35%. Now that sounds so good, I’m sure everyone is scurrying to sign up, right? (Yes, my tongue is firmly planted in my cheek).
If the government cuts the non-health federal spending by 80% what gets cut? You can bet your bottom dollar that the first target will be Social Security. Here’s what that would look like in dollars and cents. If your annual Social Security income is $18,000 it would become approximately $3,600. I am not exaggerating because that is what an 80% cut would amount to.
Of course, the ‘deficit-funding’ ploy would be used and that would do incredible if not irreversible damage to the economy. The financial markets would go into a tailspin and become so volatile that many would abandon all investments protecting their money. I do not blame them, it would be fiscal insanity to put one dime in the market. The result would Jimmy Carter-Esque inflation and the 108% of GDP spending would shrink the economy by at least 5% and that would equate to an average of each wage earner losing $4,500 annually in income. Doesn’t that sound peachy, and free?
America, this is just one of the proposals and burdens the Socialist in the Democratic Party running for office wants to impose on us. There are so many reasons for me to reject the proposals and candidates on the Left and this is just one, but not a small one. The Politically Correct agenda to force us to abandon our core religious or personal beliefs is troubling. The abortion issue is no small thing for me. The push to erase our national borders and expose America to incredible danger is another. There are many and I want an America where our inalienable and constitutional rights, freedoms, and liberties are protected. I do not see that in any of the Democrats, therefore, I am compelled to reject them.
God bless you and God bless America!