We do NOT have a revenue problem. I repeat, we do NOT have a revenue problem! We have a SPENDING problem.
The debt ceiling debate is a joke! The so called "impasse" is laughable! The level of denial and demagoguery from the Democrat Party is breathtaking!
- In 1940, the debt ceiling was $43 billion. It has been raised 99 times and now stands at $14 trillion. A 32,000% increase!
The federal budget has grown precipitously over the last 70 years under both Republican and Democrat presidents. Anyone who makes the argument that we need to raise taxes because we have a revenue problem is living in an alternative universe and should not be taken seriously. It just proves that they either do not want to think about this problem in a mature, wholistic manner or they just want to spew the Democrat talking points.
- Since 1940, population has increased 232% (132 million versus 308 million). Federal receipts over that same period of time has increased . . . . 35,000% (from $6 billion to $2.1 trillion).
- We tax at 18% of GDP and spend at 23%.
- In 1916, the entire national debt was equal to the net worth of the country’s wealthiest man, John D. Rockefeller. Today, if you combined the net worth of Warren Buffett and Bill Gates, it would pay less than three month’s interest on the nation’s debt.
- The U.S. total debt is approximately $64 trillion*. The entire GDP of the world for one year is approximately $61 trillion.
TELL ME WE DON’T HAVE A SPENDING PROBLEM. I DARE YOU!!!!
We all know that both political parties use federal spending to buy votes. The Democrats are more brazen about it but the Republicans are just as guilty. There is no way to rein in these irresponsible, kick-the-can-down-the-road, spineless weasels in Washington without systematic, structural change. I believe that means a Balanced Budget Amendment to the Constitution. Anyone who argues against it simply does not care about the future economic viability of the United States and ignores the fact that our elected officials in Washington CANNOT be trusted. Our Founding Fathers were very clear – DO NOT TRUST A CENTRALIZED GOVERNMENT. I take their warning to heart.
I know there are pros and cons about the BB Amendment so let’s have the debate and inform the American people. Pass the amendment in Washington and send it to the state legislatures for a vote.
If you don’t like that idea, then I propose an across-the-board cut of all government agencies taking their budgets back to levels of 2000 plus inflation. That would wipe out the spending of the Bush years and Obama’s first and, God willing, only term in office.
Footnotes:
*Approximate national debt - $13 trillion plus state and local debt $2.5 trillion plus unfunded state pensions $3 trillion plus Social Security and Medicare’s obligations over the next 75 years $45.7 trillion.
