Now the latest craze on the left is for “reparations” payments for slavery. Beto O’Rourke and other presidential wannabes have endorsed this radical income redistribution scheme. A 2015 study by a professor at the University of Connecticut estimates that the cost of reparations would be between $5.9 trillion and $14.2 trillion. These results were published in the journal Social Sciences Quarterly.
Add it all up and the estimated 10-year cost of creating the Democratic-socialist utopia envisioned by the likes of AOC, Sen. Bernie Sanders and other leaders of the Democratic Party reaches well north of $100 trillion.
Who will be left to pay for the Democrats’ America when everything is “free.” To the extent that any of the Democrats currently running for president has offered an answer to this question, they’ve invariably claimed that they would finance their schemes by levying punitive taxes on “the wealthy.” But even if you took every penny of income from every millionaire and billionaire in America it wouldn’t even pay half the cost. Some say we will just put on the federal credit card. President Obama took our national debt from $10 trillion to $20 trillion, but that might be loose change compared to the new spending spree.