4 ms·
Most countries finance themselves with the always convenient "future-taxes" excuse, in other words, debt. It is the reason congress has to keep raising the debt
by insert_coin 5y ago
Most countries finance themselves with the always convenient "future-taxes" excuse, in other words, debt. It is the reason congress has to keep raising the debt ceiling, so they can keep borrowing money.
Last year, the US collected $3.42 trillion in taxes, but spent $6.55 trillion for a record deficit of $3.13 trillion. This year is projected to break that record.
https://www.thebalance.com/fy-2020-federal-budget-summary-of-revenue-and-spending-4797868 https://www.thebalance.com/fy-2020-federal-budget-summary-of...
- lovecg 5y agoWould be worse without taxes though, no? Since you mentioned the debt ceiling, that’s another concept that doesn’t make any sense (except as yet another thing more politics can be piled on to). It’s like first the congress votes on the size of the budget, and then separately on the size of the door that it has to fit through.
- dragonwriter 5y ago> Most countries finance themselves with the always convenient "future-taxes" excuse, in other words, debt. No, most countries finance themselves primarily by taxes; they typically also use debt financing, especially (in relative terms) countercyclically in economic downturns. > Last year, the US collected $3.42 trillion in taxes, but spent $6.55 trillion for a record deficit of $3.13 trillion. So, even the best single example you could come up with is...financed primarily by taxes, even in the one year you tried to pull as a counterexample?