Debt and more debt

The following is a brief sample letter to the editor on the US debt problem that is being unwisely ignored. Please feel free to adapt and use if you agree.

**************************

The last time we had a balanced budget was when Bill Clinton left office, but we still had debt. Now that debt is about $21.5 trillion and is expected to grow by almost $12 trillion by 2027. The tax reduction law passed last December will increase the debt by $1.5 trillion and the spending bill from the spring will add to it as well.

The annual deficit is once again approaching $1 trillion, which is about 30% of our annual tax revenue. I believe it was poor stewardship to increase the debt with the tax change and now I understand another tax bill is in the works. We cannot cut our way out of this problem – we need both spending cuts and more tax revenue.

A day of reckoning will come and future legislators will have to address this poor financial stewardship by three Presidents and their Congresses.

17 thoughts on “Debt and more debt

  1. The Republicans recklessly increase the deficit to build our military no holds barred. After all we must be the most powerful war machine on earth. To achieve this they tax the poor and middle class and give breaks to the big corporations, cut social programs for the poor and elderly. There’s nothing good I can say about them now, fact is the GOP is a thing if the past. The Dems made an effort to control the rising deficit but unwilling to cut social programs, unsuccessful. At the rate we are going under the Trump regime we will leave future generations drowning in debt but living in an autocracy there will be they can do or even concern themselves with other than personal survival, much like the basket of deplorables right now.

    • Holly, we will be burdened with debt, environmental crisis and fewer friends around the world. If we invested in diplomats like Mattis suggested, we could lessen the need for military. Others view our strengths as our diplomatic core – Trump is gutting that. Another strength is our allied relationships – Trump is bullying them. And, an economist who worked for both said Reagan and Clinton both loved global trade agreements – Trump is reneging on those. It is not just his lack of character, it is his poor policies. Keith

    • Roger, we need people of courage to make a stand. Maybe some of the new crowd will help. There is an old saying that applies – any idiot can reduce taxes and get elected. We need fewer idiots. Keith

      • A story as old as Human History.
        The Almoravid peoples came out of the Sahara in the 11th century to rule a large area of North Africa as well as a portion of Southern (then Islamic) Spain.
        Initially they were invited in to help fight beleaguered established Muslim rulers against Christian forces from the north.
        They supplanted the rulers as they initially reduced taxes and forced out corrupt rulers (draining the swamp?).
        Within a few decades the ‘romance’ was over; they were ‘the rulers’ and also hiring Christians to fight their battles.
        See where reducing taxes and draining the swamp gets you?

      • Roger, good historical reminder. At some future time, some courageous person will have to lead an effort to clean up the mess. He or she will get voted out of office before he or she finishes the job. But, that person should not be blamed. Keith

      • No people will admit they made a mistake in allowing someone into power. This is a tragedy, because they will not learn Discernment.

      • Roger, quite true. Admitting their candidate is a poor choice creates a cognitive dissonance that is too unsettling. As Mark Twain is alleged to have said it is easier to fool someone than convince him he has been fooled. This is doubly true, when they listen only to the fooler. Keith

      • At the rest of sounding a pundit:
        In a media soaked world it is easy for folk to fall into the ‘fear factor’ mode, that everything is a personal threat to them and whatever bad happens to them was the result of someone’s deliberate and planned action.
        This is the best feeding ground for the rabble rouser or populist as they are named these days.
        Once into that mindset the ‘mark’/’rube’/victim/’customer’ will be constantly seeking reassurance they have made the right choice.
        Not a happy situation. Only crisis or catastrophe ever seems to shake them loose.

  2. Note to Readers: On this issue, there have been many failings to address this issue. George W. Bush went against the public advice of his Treasury Secretary and passed a tax cut that took us from a small small surplus budget he inherited to a deficit budget. Then came the invasions which hurt the budget. Obama sanctioned a study which was well done called the Simpson-Bowles Deficit Reduction Committee. Their conclusion is we need $1 of tax increase for every $2 of spending cuts. My biggest criticism of Obama is he shelved this plan and did not advocate it as a great starting point. Then along comes Trump and we pass the $1.5 trillion tax bill and a $0.5 trillion spending plan.

  3. Dear Keith,

    It has been my thinking that the republicans backed the presidency of Mr. Trump just so they could pass their 2017 donor class tax cuts. It these GOP Congress representatives had a more competent leader at the helm like Mitt Romney, Jeb Bush or Governor Kasich, they wouldn’t have gotten away with their tax cuts plan which amounted to malfeasance.

    Hugs, Gronda

  4. We will always have debt, but it should be managed conscientiously and judiciously, not incurred with no thought to the future and our ability to repay it. If people managed their household budgets the our federal budget is being managed, we would all be homeless by now! Or in debtor’s prison.

    I have gotten behind on reading friends blogs and am just now starting to catch up … I didn’t realize how far behind! Please forgive …

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

This site uses Akismet to reduce spam. Learn how your comment data is processed.