I just finished watching Senator Ted Cruz (R, TX) debate Senator Bernie Sanders (I/D, VT) on CNN and I have got to say it was hilariously entertaining yet also quite depressing. The debate is what you would expect if you are familiar with both of these guys. Ted Cruz was extolling the virtues of the free market and allowing taxpayers to keep more of their money to invest, save, or spend as they choose and Bernie was extolling the imaginary virtues of socialism and spent the majority of the debate railing against the usual boogiemen of the top 1%, the Koch brothers, and corporate greed. Interestingly Bernie was aware that he was losing the debate miserably throughout the majority of the program and he kept hinting to the “unbiased” moderators at CNN to step in and help him out in some fashion or the other. I caught him giving suggestive glances to the moderators several times and incidentally the moderators either cut off Ted Cruz, cut to commercial break, or interrupted the debate.
Bernie Sanders for some reason despises people of wealth as does the majority of jealous society. Disdain for the wealthy is probably the only universal value across the country and probably the world. It is a fact that most people are jealous of those who are rich and successful and wish to steal their wealth from them and redistribute it by the coercive hand of government. This is true of rich countries, poor countries, western nations, eastern nations, communists, socialists, and even those who believe in capitalism. It seems common or even a natural phenomenon to hate the rich. Bernie spent a lot of his talking time railing against wealthy Americans and specifically the Koch brothers whose combined net worth is upwards of $90B (Good For Them!) and talked about how they would be getting trillions of dollars in tax breaks from the proposed GOP plan and how they don’t deserve it. Is it a sin to become rich in America? In a free, capitalist society it is virtuous and worthy of congratulations when someone becomes rich without encroaching upon the natural and constitutional rights of others. The Koch brothers, Bill Gates, Warren Buffett, Ray Dalio, Mark Zuckerberg, Larry Ellison, Jamie Dimon, etc. did not become wealthy by stealing from others. They became wealthy by providing a set of goods or services that was deemed valuable by consumers and they were paid what the market determined and over time they became wealthy. Wealth is not some pre-existing economic pie which stays the same forever and keeps getting redistributed among economic groups. Wealth grows and an individuals wealth changes over their lifetime. These economic facts are not understood by many leftists and it is quite dangerous to allow such woefully uneducated folks to run our nation. Bernie Sanders doesn’t understand economics and that much is sure, if I were one of the citizens allowed to ask questions during the debate I would’ve thrown a copy of Basic Economics by Thomas Sowell at him. CNN even placed Jacob Kirkegaard, a Senior Fellow at the Peterson Institute for International Economics to supposedly rebuff Ted Cruz on socialized medical systems in countries such as Denmark. It was obviously a political stunt intended to shore up Democrats and Sanders’ argument. Kirkegaard is not a pure economist and spends a lot of times in his papers and articles that I’ve reviewed using left wing talking points to promote government healthcare. I will admit that I do not care for his opinion. Milton Friedman, arguably the greatest economist of all time was vehemently opposed to any form of socialized medicine for reasons that are too long and complicated to enter into in this post, but I think I’ll agree with his view rather than some random think tank guy.
Overall, income tax is theft and was likely implemented illegally by President Woodrow Wilson and the fact that Bernie wants to raise more than $13T in taxes over 10 years to pay for a slew of new government programs is both unrealistic and unlikely to happen. Our national debt is already $20T and continuously growing, our 2017 budget deficit was $666B due to the profligate spending by Congress and signed off by prior Presidents. We are reaching a 104% Debt/GDP ratio and it is the highest we’ve ever had since it was 119% in 1946, after WWII. Now is the time for America’s Government to start tightening her belt and deliver policies that boost economic growth, cut federal spending, reform and phase out entitlement programs, and pay down the national debt. It is imperative that we start generating budget surpluses in the near term, perhaps 4-5 years to start paying down debt or things will become unmanageable and default may loom in the horizon.
I only hope that this nominal GOP tax reform and especially the corporate tax cut happens soon, our economy desperately needs it.
This is Saint Reagan signing off