The federal government (that’s us) is in debt to countries, individuals, Social Security and Medicare Trusts and more to the tune of over $22 trillion. That debt is rising daily to risky levels and has been for over twenty years.
In 2020, the SS Trustees will begin redeeming bonds to pay benefits. The government will have to come up with the cash probably from more borrowing.
Seems like all this means higher taxes are on the way … or should be. And yet we hear next to nothing about dealing with this debt (and deficit) and related interest payments; $80 billion a year to Social Security alone.
On the other hand, in this election environment we hear a great deal about what Americans deserve; free college, student loan forgivenes, no OOP cost health care, free child care, guanteed jobs, cash for being born … which we are told we can afford if only the wealthy pay their fair share.
It doesn’t work that way. The wealthy (sometimes defined as low as $150,000 a year in income or more than twice the median household income) can’t carry the burden alone. Everyone must share in taxes and if other countries are a example, we are talking way more than income taxes.
What it takes is higher income taxes, higher payroll taxes, value added taxes, higher gasoline taxes and assorted high fees like a 50% tax on purchasing a car or $4,000 to obtain a drivers license, even a fee to watch television.
It would be nice if instead of taking voters for fools, politicians would tell the truth, the whole truth for now and in the years ahead.