24 May The Deficit and Default
A take-away from the latest fund-raising ad by Donald J Trump highlights bragging about his tax cuts, and statements by Speaker McCarthy, among other things, today’s record spending, and record levels of debt.
What it fails to indicate, is how we got here. Yes, some of the spending was necessitated by Covid, and yes, the Democrats are at fault for some of the spending without funding.
The Concord Coalition stated, in a recent article “This alarming transformation did not happen by accident. It is the inevitable result of past legislative decisions to raise spending, to cut taxes and for us to live on borrowed money with reckless disregard for the consequences.”
Mr. Bush cut taxes without regard for the consequences, leaving the Country in a banking quagmire that was inherited by Mr. Obama. Mr. Trump then gave away the farm or better stated, gave trillions dollar presents to his rich cronies in the form of a tax cut that could not be paid for, for his benefit and that of many of his closest friends.
With respect to our current debacle, the debt ceiling should be passed to avoid default.
Budget cuts should be part of the new budget. There should be no continuing resolutions. Lastly to encourage Congress to avoid a shutdown, Congress should not be paid in the event there is a shutdown
Just a thought as I am the dumb guy
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