To be honest about this distinction, Hillary is a big government progressive and Sanders is a big government socialist. Neither believe in a balanced budget, and, probably do not believe that this country can go "bankrupt" in practical terms.
What is the difference between socialism and progressive theory? Glenn Beck at the Blaze says, "NOTHING." But the conservative think tank at Heritage gives us this contrast:
Both Socialism and Progressivism use government power to control
economic outcomes. The methods they use, however, are different.
Socialism, strictly speaking, involves the government’s ownership of the
means of production in a society. In a socialist economy, there are no
private corporations that manufacture goods. All factories and companies
belong to the state. Progressivism, by contrast, allows private
ownership and control of corporations and manufacturing (thus a private
economy and markets), although it does subject them to extensive
government administration mostly through heavy regulation as well as
other controls.
(Source: http://www.heritage.org/initiatives/first-principles/progressivism-and-liberalism).
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