According to the U.S. Treasury website the national debt as I write this letter is $36.22 trillion and growing. The politics should be simple. Don’t provide any new tax breaks to corporations and individuals until the debt is substantially paid down.
The 2017 Tax Cuts and Jobs Act expires this year. It increased the national debt and should be allowed to expire without action. It was a bad idea for America. Will the people who enjoy its tax cuts miss them after the law expires? Likely yes, but we all should make sacrifices for the betterment of our country.
Republicans in the Congress passed H.Con.Res.14 which provides a framework for establishing a federal budget through reconciliation. According to the bill, it “requires the maximum deficit increase permitted by the reconciliation instruction… ($4.5 trillion in the resolution).” Whatever bill is written seeks a total of at least $2 trillion in deficit reduction.
The Congress is having trouble finding $2 trillion in deficit reductions, and settled on $1.5 trillion which they can’t find either.
I took arithmetic in grade school. The Congress is proposing adding some amount, maybe $2.5 trillion or more to the deficit. We are going the wrong way, especially if we are funding tax cuts with these loans.
It is common sense to stop increasing the national debt to provide tax cuts and pass a budget that reduces the deficit instead. Politicians are not known for their common sense, so we plain folk need to keep reminding them.
~ Submitted as a letter to the editor, not published
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