Deficit & Debt

Our government accrued a deficit last year of $1.109 trillion and is projected to amount a whopping $1.103 trillion this year. This is due to several factors. One factor is that legislators realized that the more they spend, the more it grows the economy. They also realize that they won’t get reelected if they propose raising taxes or if the unemployment rate rises, so they don’t really worry about the deficit. Another reason is the stability of our economy. Investors from around the world enjoy the benefits of loaning us money, feeling confident in repayment. However, just like in my household budget, I have to pay my debt sooner or later. Deficit spending has left us with $22 trillion dollars in debt. It is irresponsible to burden our children with the consequences of this debt. We should start addressing it today. 

  • Amazon paid a tax rate of just 1.2% last year, versus 14% for the average American. We need to reverse the tax cuts to corporations that were made in the Tax Cuts and Jobs Act of 2017. Citizens should be able to keep their tax cuts, but if we are ever going to get out of debt, we will have to collect taxes somewhere. The Trickle-Down plan has proven not to work over and over again. Large corporations always end up with our money. If you put the tax breaks in the hands of citizens, they will spend it while corporations have shown they will use their tax cuts to buy back their own stock and enrich a few executives at the top. Most families are unprepared for emergencies that cost several hundred dollars. After my husband’s surgery for brain cancer, my family would have gone into thousands of dollars in debt if not for the generosity of our Church family and community. When tax cuts go to families, their dollars are spent in their communities, keeping their local economies thriving.
  • Eisenhower managed to balance the budget three of his years in office while building the nation’s infrastructure but he was known to be hard on the military, once stating, “Every gun that is made, every warship launched, every rocket fired signifies, in the final sense, a theft from those who hunger and are not fed, those who are cold and are not clothed. This world in arms is not spending money alone. It is spending the sweat of its laborers, the genius of its scientists, the hopes of its children.” We must fully support the military that we need, but we need to move forward with budgeting that keeps America safe today and tomorrow without becoming a militaristic nation. The US spends more on its military than 144 nations combined.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: