Lots of folks say Bernie Sanders, Democratic Presidential candidate and Socialist Senator from Vermont, wants the American economy to look like social democrat Europe.
Wrong. Look closer to home for the logical outcome of Sanders’ economic policies. Here’s Puerto Rico‘s “economy:”
Government debt has increased by two thirds since 2006…and exceeds 100% of gross national product. … The sales tax increased to 11.5% this year from 7% and next year will turn into a value-added tax. Since 2013 the tax on petroleum—the island’s primary fuel for generating electricity—has quintupled to $15.50 per barrel.
Employment laws, such as mandatory 15 days of paid vacation, and stringent job protections provide disincentives to hire. Generous welfare, housing, food stamp and health benefits discourage work. Nearly half of island residents are on Medicaid. A household can rake in 50% more in government assistance than the take-home monthly minimum wage.
The island’s 12.5% unemployment rate is misleading, coming as it does against a labor force participation rate of 40% [sic].
There’s more—lots more—but this is where President Bernie Sanders will take us, and it’s far enough.