No one seems to be talking about the fact that our National Debt has reached the tipping point. Deficits routinely go unaddressed, and that has been the case for almost 100 years in this country. Policy wonks point to Japanese monetary policy in an effort to compare an apple to an orange, and they conclude, based on a comparison of debt to GDP, that all is well. It isn’t.
Tax Cuts Would Raise Tax Revenue
I break down the facts in this episode, and I explain a principle that Art Laffer has espoused for years – a modest individual tax cut would stimulate the right activities that would actually raise tax revenue and balance the budget. This tactic and some spending controls along with a balanced budget each year will put the U.S. economy on the road to indefinite prosperity. Without these changes, we are headed toward serious fiscal trouble.
The 536 People in D.C. Need to Lock Arms
I’m concerned that this spending with debt accumulation in concert with rising interest rates and runaway inflation will create a perfect storm sooner than later. For reasons beyond me, it is politically incorrect to state these facts. I want 536 people in D.C., the President, every member of the Senate, and every member of the House, to lock arms on this issue. The FED can administer rate increases to manage inflation going forward, but those 536 people should agree on a balanced budget amendment and should commit to never printing money to stimulate the economy again.
This is the stimulus of 2009 and 2010, and government’s intervention during the Covid-19 stimulus period, 2020 and 2021, coming home to roost. We did this to ourselves while failing to act in a fiscally responsible manner. I explain all of this and related issues in this important episode.
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