NO WE CAN’T
The United States is headed for a debt crisis. We cannot afford the promises already made to our citizens.
Every day we are digging a deeper hole for ourselves and woe be to us if (perhaps when) other countries conclude we can’t pay our debts and stop lending. Foreign countries currently hold over $6 trillion in US debt.
The deficit was bad enough before the Trump tax cuts, now it’s much worse. Amazingly, in light of our fiscal state there are calls from citizens and politicians for more government programs, expanded programs and benefits, more spending, more obligations, more liabilities.
Social Security trustees have been warning for decades that the longer the delay in making the program solvent, the more difficult and painful it will be to make the fix. The same holds true for Medicare. Their warnings have been ignored.
What the hell are people thinking?
Some will argue we should simply raise taxes on business like that has no serious consequences in a global economy.
Others say tax the rich, they don’t pay their fair share. Well, yes they do.
And even if we significantly raised taxes on whatever “wealthy” Americans may mean, they can’t carry the burden for the entire population.
The US has over $115 trillion in unfunded liabilities for promises already made. What are people thinking?
Before we talk about spending on anything new, wouldn’t it make sense to figure out how to get our deficits and debt to reasonable levels? Wouldn’t it make sense to make sure Social Security and Medicare are permanently solvent?
Wouldn’t it make sense to determine what we have to do with taxes to make all that happen BEFORE we talk about spending on new programs and the taxes needed to do that?
What are people thinking?