STUART VARNEY: Do we desperately need new entitlement programs?
For an answer let’s turn to that newly-minted financial realist: Senator Joe Manchin. Here's what he has to say:
"Spending trillions more on new and expanded government programs, when we can't even pay for essential social programs like social security and medicare, is the definition of fiscal insanity".
He's right. Medicare runs out of money in 5 years. It cost $10 billion when it started in 1965. It cost $776 billion in 2020.
My point is, the cost of a government program always goes up. And since it’s always considered absolutely vital, it will never go away, and politicians will always raise taxes to pay for the rising cost.
You can make the case that we "must" have free pre-k, "must" have free college," must" have help with daycare. But you can't make the case that we can afford it. And you cannot make the case that the rich will pay for it all. Even if you seized, confiscated the wealth of all America's billionaires, you still don't bring in enough to pay for all the programs the socialists demand.
This gigantic spending plan amounts to financial fraud.
We should not go bankrupt just to satisfy Bernie's socialist dreams. We should not commit to unsustainable entitlements just to satisfy Speaker Pelosi's career goals.
And above all, we should not trash our dynamic economy just to look like ever-declining Europe!