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Bush and Trump tax cuts aren't a substantial cause of the rising debt. Over the last few years revenues are UP in spite of the tax cuts, but so are deficits. Wh
by Acrobatic_Road 3y ago
Bush and Trump tax cuts aren't a substantial cause of the rising debt. Over the last few years revenues are UP in spite of the tax cuts, but so are deficits. Why? Because spending rose even faster. Over the next 30 years we are going to add 116 trillion to our current debt, and it will all be because of Social Security, Medicare, and their associated interest costs. Really! The rest of the budget is balanced: https://manhattan.institute/article/behind-cbos-100-trillion-in-projected-deficits-over-30-years https://manhattan.institute/article/behind-cbos-100-trillion.... Neither political party wants to acknowledge this because these programs are popular, and Democrats (despite the rhetoric) aren't interested in repealing ~95% of the Trump tax cuts. Neither party is fiscally responsible.
- mempko 3y agoYou have it backwards. A balanced budget would not be fiscally responsible because money IS debt. If you like economic growth, then a balanced budget will cripple it, which is not fiscally responsible from that perspective. On the other hand economic growth is causing our climate an ecological crisis. So a deflationary event, done responsibly, should be considered.
- Acrobatic_Road 3y agoA balanced budget at this point is impossible. We are heading toward 3 trillion dollar deficits by the end of the decade. At most, we can hope to rein in the growth of the debt, but the US will never run a balanced budget in your lifetime so this point is moot. >On the other hand economic growth is causing our climate an ecological crisis. So a deflationary event, done responsibly, should be considered. Legitimately evil thinking. Yeah, let's destroy the economy because of climate. Do you think poor countries can afford to care about the climate?