A weekend at Bernie’s

Yesterday, I spoke of the value proposition of Joe Biden. While I need not tell this to those “who feel the Bern,” Bernie Sanders value proposition needs more selling to those who may not be so enthralled. But, what is missing from a true evaluation is needed context.

The US economy is not a pure capitalistic system and, has been much less of one, since the changes required by the Robber Baron period. To be frank, this is the period Donald Trump wants America to return to and with the tax cuts and vast deregulation, we have come closer than before to this oligarchy period. Since that time, we have added several “governors” on capitalism and layered in some socialistic underpinnings to protect those in need. On the former, think interlocking boards, collusion, monopolies, insider trading, and bankruptcy restrictions and protection. On the latter, think Social Security, Medicare, Medicaid, Unemployment, Workers Compensation, food stamps, etc.

So, the US is a fettered capitalistic economic system with socialistic protections. And, to make this even more obvious, if we did not have bankruptcy protection, Donald Trump would not have any money as his companies have declared bankruptcy six times. This context is needed, as the debate we should be having is what is the right balance?

Bernie is pushing for several changes that would add more socialistic protections for people. He has also discussed the government taking over the quasi-governmental, but publicly traded utility industry, to address climate change. Addressing climate change is key, but is that the preferred path forward? As an independent and former Republican and Democrat, I would much prefer the argument to be shaped with the context I note above.

As an example, Medicare for All is something to consider, but it should be evaluated with detailed cost projections on what it means for various groups of people and taxpayers. There are many considerations such as should it be obligatory, should it be an option, should it be an extended version of the current system to younger retirees, etc.? As this will take time to evaluate, shoring up the ACA is needed. I mention this as if Democrats don’t keep the House and get 60 senators, Medicare for All will have difficulty getting considered. But, if framed as something to study, it may get consideration.

While Bernie is much scarier to some as much as he is appealing to his base, it would behoove us to consider the following. Bernie is a decent person with integrity and compassion. None of these three words could be legitimately used to define the current president. It is all about Donald Trump. It is that simple.

I believe Bernie is not as scary as portrayed by the right and he should not be as aspirational beyond what he can deliver. Just like tax cuts, free stuff sells. But, everything has a price tag. The better answer is what makes the most sense to do, based on impact and cost, and the fact we have $23 trillion in debt, expected to grow to $35 trillion. If Bernie is the nominee, I would prefer him to offer needed context to his discussions. Otherwise, he is getting people wound up for disappointment.