While the Democrat House chooses to fritter away its time by building its case and impeaching President Donald Trump, the country's pressing issues continue to be ignored. Chief among these is the precarious economic situation of the U.S.
While there is no hope that even the current U.S. debt of something like $25 trillion (yes, trillion) can ever be paid off, Democrat presidential candidates are promising programs providing all kinds of "free stuff for all" that can never be delivered. Elizabeth Warren and Bernie Sanders want "Medicare for All," doubling down on the failed Obamacare, to the tune of (estimated) $55 trillion, along with student loan forgiveness and even government monthly checks for all.
Warren continues to claim she will "tax the rich" to pay for all this, and "not one penny" of the extra taxation required will come from the "middle class."
Unfortunately, the "rich" as a whole just aren't rich enough: let's say we confiscate the entire wealth of our 2,200 billionaires, right down to their socks. This draconian move would net the U.S. only about $9 trillion — enough to run the country for less than two years. After that, no more billionaires to strip, and what then?
Well, as Bernie says, billionaires shouldn't be allowed to exist. So, all good, according to him. As bad as this scenario is, the really bad scenario is that by the mid-2030s, total U.S. unfunded liabilities (what government has promised to pay but has no funds to do so) will be in excess of $125 trillion — and that's in addition to whatever harebrained giveaway programs are instituted between now and then by our irresponsible government.
What comes next is hyperinflation, as our Federal Reserve and Treasury Department try to print their way out of trouble. This has never worked, as Germany in the 1930s found, when it took a wheelbarrow load of German Marks to buy a loaf of bread. The U.S. is headed the same way.
But our politicians, both parties, just continue to whistle their way past the graveyard. And our voters keep sending them back to DC. Why?