Since the Reagan days, conservatives have regularly emphasized how beneficial tax breaks are for the economy. And don’t get me wrong, I’m all for cutting taxes. But what many people don’t get is that the beloved Reaganomics were heavily weighted toward deficit spending. You can’t reduce what you’re taking in and increase what you’re putting out without going into debt.
Democrats are upset that Republicans recently cut tax revenues by about 300 billion dollars. That seems like a lot of money. But it’s not. When you consider that our budget for 2013 was 3.8 trillion dollars, 300 billion dollars doesn’t seem like the biggest part of the problem. Meanwhile, Congress was only able to cut about 20 billion a year from the annual budget. If you can’t see how absurd that is, watch this video.
And we are certainly in debt. So deep, in fact, that we can’t go into much more without a collapse. So as much as we don’t like it, we can’t really afford to cut taxes.
But before you start raging, let me clarify: We can’t afford to cut taxes unless we cut spending by even more. Honestly, I would rather continue paying higher taxes if the civil government would just cut all the extraneous spending and start paying down our national debt. But they won’t.
Anyway, tax breaks will hurt us if we don’t also cut spending. It probably won’t hurt us as much as the Democrats say though. And giving less money to this spendthrift government does warm my heart.
So I think both Republicans and Democrats need to get together on this and recognize the truth that is obvious to pretty much everyone in this country that pays taxes: We’re broke. Our civil government can’t afford its current rock ’n’ roll lifestyle, and it needs to cut spending. Like now. Forget about tax breaks if you aren’t going to cut spending. Because these halfway compromises are the worst. We’ll still have high taxes even after the breaks, the government will spend even more money, and the debt will just keep sky rocketing. Oh, and the economy will suffer too.