Government

Debt for America

Let’s keep the rhetoric in perspective.

The Republican tax reform is projected to add $1 trillion to the national debt … over ten years.

BEFORE tax reform the CBO projected that the debt would grow by $11 trillion over ten years so now instead of $11 trillion it may be $12 trillion. That means that with no changes to current policies (such as our spending for all promises made) we will be $32 trillion in debt in ten years instead of just $31 trillion.

So, should we be agonizing over $1 trillion or $31 trillion?

We need a quest, a quest for any politician who tells the truth about all this and the risk it poses for our country. A quest for citizens who give a damn. The truth is that this is not sustainable, the truth is that the CBO and others have been warning about our course for years and yet incredibly there are still politicians telling people they deserve “more”.

The truth is we need to change both our spending and our revenue policies AND to stimulate economic growth. ANY POLITICIAN WHO TELLS YOU OTHERWISE OR IMPLIES THAT ALL WILL BE WELL IF ONLY THE WEALTHY PAY MORE IS LYING TO YOU.

Oh, by the way over the next sixteen years we also have to come up with $2.9 trillion to redeem the Social Security Treasury Bonds so that we seniors can get the full benefits we “deserve” 😜<<
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4 replies »

  1. When will the US Federal government go bankrupt 2035, 2045, 2055, ???
    As interest rates rise, we may find the Federal government paying more on debt servicing than Defense. Where will they get all the money that will be needed because of all the STUPID things the politicians have promised? Taxes are going up big time in 2025 and beyond.

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  2. We once had a politician who understood the national debt. He said: “Now the average citizen can’t relate to a billion or a trillion. A million dollars in thousand-dollar bills is a stack of $1000 bills, four inches high. A billion dollars in $1000 bills is 300 feet high. A trillion dollars in $1000 bills extends from the top of [this] table to 63 miles out in space.” This same crazy politician want to balance the budget. Thinking like that did not help him get elected.

    That someone was Ross Perot.

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  3. So, how many people think that the individual tax cuts won’t be allowed sunset in 2025. Let’s see a show of hands. Ha! Ha! Ha! Eventually the amount of debt will matter but that will be the excuse for more (can you say VAT) taxes and higher rates. When Joe Sixpack figures out that he has to pay for the gift that corporate America just received, he will be happy to invite Bernie Sanders or one of his clones to take the reins of government.

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    • I don’t think so. All it will take is a continued uptick in the economy. Corporate America is not the enemy much of what average Americans count on is dependent on the success of business. The trillion added to the debt while not good is not significant in the scheme of things. It was going up $11 trillion over ten years before the tax law.

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