America headed for “absolute catastrophe” of debt collapse, warn Senators… but nobody seems to care
by: JD Heyes
NaturalNews.com
Sunday, June 30, 2019
Democratic voters who watched their prospective 2020 presidential candidates over two nights last week were likely enthused by all the free stuff that was being promised.
Even to people who aren’t American citizens.
In addition to pledging free healthcare for illegal aliens, virtually all 20-odd candidates mentioned new ‘freebie’ programs they would try to enact if they manage to knock off POTUS Donald Trump next year.
No more college debt.
A “Green New Deal.”
“Medicare-for-All.”
In the past these candidates have also talked about subsidized housing for all, a ‘basic income,’ a much bigger minimum wage — all things that are either going to run businesses and corporations into so much debt they have to close or will bankrupt our country.
The Green New Deal, which envisions replacing all combustion engines with battery or solar power — including planes, trains, and automobiles — as well as calling for a complete energy remodel of every single building in the country, all within a decade, would alone add tens of trillions of dollars in costs to businesses and to the economy and the government.
Medicare for all would cost at least $32 trillion over 10 years, according to one study.
College debt would cost taxpayers/our government nearly $1.5 trillion (as most loans are government guaranteed).
As noted by Jon Dougherty at The National Sentinel:
In all, in a single debate appearance and using just a scratch pad, I figure these 2020 Democrats have proposed upwards of $70 to $100 trillion in new spending over, say, a decade. And no one on the NBC ‘news’ panel bothered to ask a single candidate how they would pay for all of this new spending.
It’s the same old song-and-dance from Democrats (and far too many Republicans): Spend, spend, spend now and…pay later. At some point. Maybe.
‘We have an obligation to pay for priorities’
Following the tax cuts implemented by the GOP Congress and President Trump, the U.S. government still managed a record tax collection — thanks, in large part, to the fact that Trump’s economy was/remains red-hot and more Americans were back at work.
But spending hasn’t abated. At all. In fact, deficit spending has gotten worse under the Trump administration than it was under Obama’s eight-year reign of economic terror. So that’s saying something.
And it’s not as if no one in Congress knows this. Budget hawk Sens. Rand Paul (R-Ky.) and David Purdue (R-Ga.) recently voiced their concerns that Congress’ spendthrift habits (not its revenue stream) are blasting the debt to new records daily. Worse, few in the Legislative Branch seem to care.
The Rest…HERE
