406dn
Well-known member
- Joined
- Dec 12, 2019
- Messages
- 2,266
Pretty good post. One point of correction. Cutting taxes does not impact the debt. Debt is created by spending money, not by people keeping what they earned.
If you start working 11 hours worth of overtime a week, instead of the 11.25 you are accustomed to, and your wife goes a d finances a $115,000 Cadillac Escalade for 72 months with zero down, your quarter hour less of overtime is not the problem
We'll have to disagree. If you bring in less money by reducing the tax rates, and keep spending unchanged, you are going to increase the deficit. That has been the problem with the last two tax cuts.
They were sold as being stimulative enough to spur enough economic growth, to have the revenue collected, remain the same or increase. Neither time did this happen, to any degree enough to make up for the tax cut.
Cutting taxes, is very easy politically, compared to cutting spending. This is especially true when the tax cut is sold as paying for itself.
Earlier I mentioned that few people fit entirely into one party's agenda. I've been fiscally conservative for my entire adult life. Certainly on a personal level, it has guided my decisions. We have as a country over the last 40 to 50 years, drifted into the fiscal quandary we are now in. We all can find the things to blame, that got us to this point.
If I was king, we would both raise taxes and reduce spending, to at least approach an annual deficit of zero. To truly dig out of this, we have to tackle the mountain of debt we've amassed with previous decisions. That will not be a pleasant task for our country. I'll be dead by then. I wish that my generation would have left our children and grandchildren a better balance sheet.