Republicans have a long history of adding to the national debt. Why should we trust they will not ad

History is on my side. Neither party has been able to do what you want. Why? Because there's no support for it.

 

History is not on your side for stating the reason debt keeps piling up. It’s not because taxes are too low as you have claimed.

 

Of course taxes are too low. There is no possibility that spending will ever be cut sufficiently to bring revenues and expenditures into balance.

 

Taxes are not too low for those who are paying them. Where are you getting this notion that they are?


The US budget can be balanced without cutting spending. It can be balanced by limiting increases to the rate of inflation and targeted cuts in tax rates to stimulate economic growth. This is pretty basic stuff.

 

We do not pay for the government we consume. Therefore taxes are too low.
You are simply wrong on the facts when you claim the budget could be balanced by limiting increases to the rate of inflation. That is not even close.

 

We have a spending problem, not an undertaxing problem.

It is 100% percent that the U.S. budget could be balanced simply by limiting spending increases to the rate of inflation. That said, simply balancing the budget will not reduce debt by one dollar as interest on the debt is the single largest expense government faces.


I’m trying to teach you something, but you’re stuck on this idea that taxes are required to be raised to achieve fiscal responsibility. Your way would result in reduced revenues and a greater accumulation of debt.

Taxes are an obstacle to economic growth. Your method of confiscatory taxes would lead to an economic collapse.

 

With all due respect, I'll pass.

 

I can see that. You seem to have no interest in learning something.

You’re stuck on the narrative fed to you by the left wing crowd which believes a nation can tax itself into prosperity.

 

I don't know if he actually said that bit of tripe but I reject the idea that we citizens have a duty to pay more and more and more taxes to keep up with government pandering-often to those who aren't paying much of anything in terms of federal income taxes

 

1. That's not what I said.
2. I don't think you have an informed opinion on the topic.

 

I’m the one trying to give you a clue about basic economic realities.

 

That’s exactly what he believes.

He believes government spending equals progress and economic growth.

He believes debt control or reduction can only be accomplished by increasing taxes.

He believes that If there’s a budget shortfall, it can only be rectified by tax increases. He doesn’t realize that the increases in tax rates will result in slower economic growth and a reduction in revenues making the shortfall even worse.

 

I know that's what you think you're doing. Based on your #162 (not addressed to me) I conclude that you understand neither what I advocate nor the basic economics of the issue.

As the federal debt mounts, the government will spend more of its budget on interest costs, increasingly crowding out public investments. Over the next 10 years, the Congressional Budget Office (CBO) estimates that interest costs will total $12.4 trillion under current law.

The Fiscal & Economic Impact of the National Debt

When Does Federal Debt Reach Unsustainable Levels?

Penn Wharton Budget Model
https://budgetmodel.wharton.upenn.edu › issues › 2023/10

Oct 6, 2023 — As we have discussed elsewhere, government debt reduces economic activity by crowding out private capital formation and by requiring future tax ...

 

The single largest expense in government is interest on the debt.

Increasing taxes will only create more debt. Higher rates of taxation results in less economic activity and decreased revenues. More debt equals more of our earning being devoured by inflation.

 

That is false.

10 Largest Budget Functions - Peter G. Peterson Foundation

Peter G. Peterson Foundation
https://www.pgpf.org › budget-basics › top-10-largest-...

 

That is false.

 

It’s a fact. Tax increase slow economic activity which results in decreased revenues. This then leads to greater deficit spending and ultimately more debt.

It also causes a greater rate of inflation which leads to a lowering of your lifestyle.

 

Interest on the national debt is greater than any U.S. budget item. The problem is that it is unseen debt. You don’t believe it impacts you.


https://www.cbsnews.com/amp/news/federal-debt-interest-payments-defense-medicare-children/

Federal spending on interest payments is forecast to hit $870 billion this year — exceeding the $822 billion that the nation will spend on defense in 2024, according to a recent analysis by the Congressional Budget Office. This year's outlay for interest payments represents a 32% increase from last year's $659 billion in interest expense.

 

Net interest was the sixth largest expenditure through March 2024 per the link I provided.

 

Higher taxes do not increase inflation. Tax increases are a policy choice to dampen inflation.
Regarding taxes and growth, there is a sweet spot where both revenues and growth are promoted; we passed that long ago.

 

Higher taxes cause a reduction in economic activity and reduced revenues which increases in debt. That causes a rise in the rate of inflation.

 

The deficit is so high, and the debt is so large, that spending cuts alone will never solve the issue. We MUST raise the top-tier tax rate to the levels of '50s. '60s, and '70s. The deficit was a non-issue during those decades.

 

There is no point continuing. I do not find your posts credible.

 

do you think the top one percent need to keep paying more and more to keep up with government spending? because that is what happens when the democrats demand more taxes

 

I have said before that all Americans are undertaxed. The top need to pay more in their leadership role. The bottom have little to pay. The most noticeable change would be felt in the middle.