Presidential hopeful Bernie Sanders has announced a new plan to add 16 trillion dollars to U.S.public debt. Will it work though?
Nearly doubling the U.S. public debt with $16 trillion dollars in new public spending might achieve making the interest on the debt not only a trillion dollars annually; it could possibly rise to near two trillion dollars annually and that would be something to brag about.
British public debt of financing the counter-revolutionary war wasn’t retired until just before the start of the First World War. Debt repayment to the moneyed class diverted much potential spending in the domestic public sector impoverishing the lower class more so than they would have been otherwise. The United States today hasn’t learned the British lesson of vast left and right wing sourced public indebtedness.
Some people would like to achieve elements of national ecological economic policy with new laws and regulations that would direct the free market to achieve the goals the public consider vital interests concerning environmental decline and global warming. Those reforms to shape free enterprise would not add anything to the U.S. public debt, yet what fun would that be?
It is possible that the ideas of political philosophy and political economy are so strange and politicians so uncreative that they are clueless about the opportunity for a democracy to direct the free market to work toward the public good intentionally. Thankfully no educated and intelligent souls are running for the Presidency in the Democrat party who could threaten to put off the increase of public debt. The rich enjoy the interest payments and making the nation owe them. Large tax increases could be relied upon ostensibly to pay off some of the interest. One need only vote for it to discover what’s really in it.