Our economy is propped up by constantly rising debt which cannot be maintained.
We are not taxing the rich enough to carry the rest or balance the budget. Not even close.
A Trillion dollar deficit for 329 million people can be reduced to simple math.
$1,000,000,000,000 / 329,000,000 = $3039.51 per person.
Obviously, every earner in the USA cannot come up with 3K for every person in their household.
That's how much taxes would have to be raised to balance the current budget.
It is not sustainable.
Debt vs GDP is growing.
That means our economy is based on constantly increasing the amount of debt compared to the size of our economy.
Gross debt / GDP ratio is now 105.45%.
US Debt Clock
Keep an eye on that. What happens if we allow that to continue growing?
Can we sustain a debt of 200% of our GDP? 400%? 1000% ???
Where do you draw the line?
Obviously we cannot allow this ratio, Debt/GDP, to constantly rise.
We lean on debt when we need to - to get us through bad times.
Using it to artificially pump up the economy during good times is irresponsible.
The Trump tax cut was irresponsible.
The longer it takes before we admit that, the deeper the hole we dig.
We cannot have an economy which depends on that level of rising debt. It's not just the amount of debt. It is the rate at which it is rising that is alarming.
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If this thread is stolen, plagiarized, will the thief have the nerve to use the entire OP, word for word? Including this disclaimer? If you want my take on it, you'll have to post to this original PoliTalker thread. I refuse to be an enabler for online bullies, so I won't post to a stolen thread. I won't even read it. If you don't see me, PoliTalker, posting in this thread check the author. This might be a hijacked thread, not the original.
And the exploding Student Loan debt is also going in the wrong direction. That punishes success. We need to reward doing well in school, not saddle them with crushing debt. That hurts the economy. Then when they get a job they can't afford to buy anything. They are too busy paying off their loans.
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