(PatriotHQ) Congress has been printing and spending trillions of dollars like drunken sailors on shore leave after payday BUT of course it is your fault the national debt has ballooned!
Hey Citizen, how could you have done this to America? …or perhaps it not your fault at all!
The Washington brainiacs claim they haven’t taxed you enough! You have failed to pay your life’s blood to fund the tax drunk Washington spendaholics.
Think this is a joke? Keep reading. The massive national debt is the result of not raising the necessary revenues, according to the White House.
Jared Bernstein, a member of the White House Council of Economic Advisers, stated on Thursday’s episode of MSNBC’s “Katy Tur Reports” we have a large national debt because there is “a real reluctance to raise the revenues we need to meet our spending obligations.” And debt “arises from our failure to generate the revenues required to meet our obligations.”
“We had a balanced budget in the late ’90s,” host Katy Tur inquired. “How did we get to $31.4 trillion in debt?”
“Well, I think one of the things ‘s hurt us is just a real reluctance to raise the revenues we need to meet our spending obligations,” Bernstein responded. For years, Republicans in particular were adamantly opposed to any revenue increases, particularly at the high end of the scale, which is where President Biden has focused on raising the revenues required to meet our spending obligations.
“The Trump tax cuts added nearly $2 trillion to the deficit, Trump Republicans then went on to add another 2-plus trillion on the spending side, all while Republicans, including Kevin McCarthy, voted for three debt ceiling increases, all right?” he continued. So, I think it’s an excellent question to ask why now is different from then. As you mentioned, the debt ceiling has been raised 78 times, 49 times with Republicans in charge and the rest with Democrats, so there’s some hypocrisy there.”
“The tax story really needs to be discussed in the context of how you pay for your spending obligations,” Bernstein added. Where does all debt come from? was the first question you asked me today. It stems from our failure to raise the necessary revenues to meet our obligations.”
Later, Bernstein responded to a question on whether getting to a balanced budget can be done just through tax increases on top earners by stating, “I think there’s nothing particularly simple in this space. But we’ve managed to fund many of our spending programs in this manner.”
So, the bottom line is Washington needs more tax slaves to build their pyramid of debt and the few tax slaves who have survived ritual tax beating must further squeeze for the few pennies they have left!
Of course, there is an unthinkable alternative (wait for it) reduce spending, put Congress on a fiscal diet and force Washington spend less! In other words, We the People must dream the impossible dream! Yike!