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News flash: Medicare and Social Security, the nation’s two largest entitlement programs, are on the fast track towards bankruptcy. Indeed, according to a recent report, Medicare will be insolvent by 2026 and Social Security by 2035. Given the dire circumstances of these two huge programs, common sense would dictate both should be reformed ASAP.
However, if you have been paying attention to the Democratic 2020 presidential nomination circus, one would assume Medicare and Social Security are more financially sound than Jeff Bezos’ bank account.
Candidates - Sen - Bernie - Sanders - I-VT
Yes, several Democratic candidates, most namely Sen. Bernie Sanders (I-VT), are calling for a massive expansion of Medicare. In fact, if Sanders, and many other Democrats, have their way (assuming Congress gets on board as well), all Americans would get on the Medicare train (wreck).
In case you missed it, Sanders’ Medicare for All (M4A) plan is estimated to cost a meager $32 trillion over its first decade. Defying logic, many Democrats actually think it is a good idea to saddle American taxpayers with an all-new entitlement program that would add tens of trillions to the already colossal U.S. national debt, which is more than $22 trillion, and rising every second.
Government - Years - M4A - Say - Hello
So, how would the government come up with an extra 30-something trillion over the next 10 years to pay for M4A? Say hello to more taxes. Even Sanders admitted that his plan would include a hefty tax hike. While campaigning in New Hampshire earlier this year, Sanders said, “What it will probably end up looking like is a payroll tax on employers, an increase in income tax in a progressive way for ordinary people—with a significant deductible for low-income people who pay nothing for it.”
At the first Democratic debate last week, Sanders was even more candid about his tax plan. When pressed whether or not middle-class Americans would be...
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You can never use the word unexpected when it comes to abuse of power by the government.