October 16, 2021

The Impending Consequences of Liberal Progressive Socialist Economics

Former Prime Minister Margaret Thatcher once stated, “The problem with socialism is that you eventually run out of other people’s money.” The fallacy of progressive socialists is that they believe such to not be true. It is their belief that there is a constant revenue stream emanating from the so called “wealthy” to fund the social utopianism and they leverage the mantra of class warfare in order to achieve those ends.

The liberal progressive leftists are very clever in their manipulation of language such as fair share, fairness, income inequality, and economic patriotism. Combined with a complicit liberal progressive media they are able to promulgate their message usually without any real policy challenge. Current case in point is the proposal by one avowed socialist running for the presidency, Vermont Senator Bernie Sanders. He has proposed a 90 percent income tax on “top earners.” When Senator Obama was running for the presidency in 2008 he claimed it better when we “spread the wealth around.” Of course these two astute gents are referring to the top one percent who are currently paying nearly 40 percent of overall income taxes in the United States. The estimate is that the top 10 percent of wage earners in America pay nearly 70 percent of all income taxes while there is almost 50 percent who only pay 3 percent — many receiving refunds.

This is set amid the backdrop of what is happening in Greece. There the left wing government of young Prime Minister Alexis Tsipras has just defaulted on a 1.6 billion Euro (approximately $1.66 billion) loan from the International Monetary Fund. And on Sunday, based upon PM Tsipras’ encouragement, Greece voted no to any austerity measures to assist in regaining its economic stability. This is the dream world of progressive socialist economics in that we can spend all the money we want in order to promise everything to everyone and someone else is responsible for the supplying of the monetary resources to bring the pipe dreams to fruition.

Nero fiddled while Rome burned. The Greeks cheered Sunday. And President Obama sings Amazing Grace.

The American economic situation is not that sound either. We are currently sitting on $18.3 trillion in debt which at the beginning of the Obama administration was $10.67 trillion. The estimations are that by the time the Obama administration has run its course the American debt will sit at $20 trillion. I do not think that many grasp the gravity of the situation in that one president has created almost more debt than all previous combined. Of course President Obama castigated President Bush for being un-American/un-Patriotic for increasing the debt by far less.