As voters grapple with the outcome of the election for the White House, the question remains will either of the candidates affect any much needed change? Or is it just an accident that the original party led by Thomas Jefferson was called the Democratic-Republican Party until its ill fated split in 1824 led to the creation of the two rival parties we know today?
While the Democrats have a platform that strives to increase controversial social freedoms such as abortion and gay rights, they attempt to legislate their way to fewer economic freedoms as with higher taxes for the rich and more banking rules and legislation. The Republic party claims the opposite ideals are its core platform. Yet consider the examples in this election cycle of conflicting ideas from the two parties.
A Wall Street CEO and billionaire floated a retirement tax bill for the new administration and Congress to consider. It purports to institute a new three percent tax on payroll which would go straight to the Wall Street companies to be invested. Despite the fact that this sounds like a Republican idea, it is in fact a Democratic Party bill which their candidate supports.
This candidate has taken huge sums of money from Wall Street firms and will subsequently do their bidding. Despite this, the party supporters are choosing to ignore this and any other information which demonstrates she does not truly represent the ideas of her party.
It is a similar charade within the Republican Party. Their candidate is so different from the party’s core traditional ideas that many of its own leaders were infuriated that he might win the election. Some of them threatened to vote for the other party to stymie his efforts to become President under their party banner.
The reality is more troubling. Both of these major parties are comfortably in the pockets of the special interest groups that offer the largest amount of financial support. This is why the banks, pharmaceuticals, oil firms, and military goods manufacturers wisely provide similarly huge donations to both parties.
This ensures that their wishes will be realized regardless of which candidate prevails. Another way of putting this is that the two mainstream parties in America are largely interchangeable, in economic terms at least.
Consider that in the year 2000, the total debt of the American federal government amounted to a mere slightly more than $5 trillion. After eight years of Republican leadership in the White House followed by another eight years of the Democrats, the national debt has risen to approximately $20 trillion. That is up four times in only 16 years.
In other words, it does not really matter economically whose party takes the reins. The debt will keep expanding at an unprecedented, exponential, and indefinite rate. Only if the government was to institute stunningly painful cuts to the military and welfare benefits could this worrying trend be reversed. Regardless of who takes office in January, it will not happen.
The spending on welfare, including Medicaid, Medicare, and Social Security programs already equate to roughly two thirds of the entire budget of the U.S. federal government. This spending will increase. Military spending will also grow. Whether or not your candidate ultimately triumphs will not change this.
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