Does anyone really understand taxes or the national debt? I sure don't, but I can speculate, just as everyone else does. Most people are in favor of cutting government except for those special programs that benefit them or the groups they support. I guess this is healthy self interest, but basically we are living with a system that will eventually crash. Our country is not generating enough income to pay for our current expenses not to mention what we already owe to China, so our national debt continues to grow at the rate of billions a week.
At the rate we are going there is no way we are going to pay back China and they know it. Ronald Reagan helped to bring about the collapse of the former Soviet Union by getting them to ruin their economy in a unwinnable Arms race with the United States. The Chinese will accomplish the same result by getting the US to spend itself into debt. Even if the federal government took every dime from the wealthiest people and businesses in the country it would not be enough to pay off our debt. We are in serious, serious trouble.
I am very discouraged when I watch politicians of either party on TV congratulating themselves on being more civil as they march headlong into an inevitable economic collapse. Very soon they will enter into discussions on raising the ceiling for the budget. That means spending more money that the federal government doesn't have. That would be like giving a new credit card to someone who cannot pay anything on existing debts or even necessities and have them go out and buy new stuff on the new card with no ability to pay it back.
This is craziness! How long can it be ignored? What can we do?
First, the federal government needs to admit that spending is taking us down a path of destruction and create no new programs or expenditures. This is the really hard part - Do not raise the budget ceiling for the rest of this year! This would mean reducing current appropriations to match expected revenues. The sooner this is done, the less painful it will be.
more to come...
