Business-As-Usual While Rome Burns

4 thoughts on “Business-As-Usual While Rome Burns”

1. POSTED ON DECEMBER 4, 2023 BY JOHN HINDERAKER IN FEDERAL BUDGET
   WHY WE ARE CAREENING TOWARD BANKRUPTCY

   The United States is, as Mark Steyn says, the brokest nation in history. And yet, as our national debt rises higher and higher, and the cost of servicing that debt begins to drive out essential federal spending–like defense–there is no end in sight. For decades, the fiscal insanity in Washington has been palpable, and yet the political will to do anything about it is lacking.

   Why is that? This News Nation/Decision Desk HQ poll of 3,200 registered voters offers some insight. The poll is interesting in many ways, but I want to focus on just one question:

   Which of the following statements is closest to your views on how to reduce the federal budget deficit?

   There is only one way to regain fiscal sanity: reducing spending, especially on entitlements. That is where the money is. And yet, this is how Americans answered the question:

   * Raise taxes on the wealthy to pay our bills: 26.73%

   * Lower taxes on the wealthy to stimulate economic growth: 10.82%

   * Close tax loopholes for corporations and the wealthy: 40.58%

   * Cut social spending programs, like Medicare and Social Security: 3.76%

   * Something else: 9.17%

   * Not sure: 8.93%

   If you aggregate “Raise taxes on the wealthy” and “Close tax loopholes for corporations and the wealthy,” you get two-thirds of Americans’ responses. And 82% of Democrats’ responses. This is magical thinking. Upper-income people already pay vastly more than their fair share of federal taxes, and you can’t steal enough from them to close the deficit. And the idea that trillions of dollars can be raised by closing unspecified “loopholes” is sheer fantasy.

   I am in favor of cutting taxes for everyone, especially the “wealthy” who are now overtaxed, but we are long past the point where tax cuts alone can regenerate the economy enough to bring our budget into balance.

   Meanwhile, fewer than 4% (2% of Democrats!) advocate the only practical course: cutting spending. No wonder there are few in Congress who are willing to take on the intractable problem of out of control spending. We are heading toward a cliff, and we will need to get a lot closer to driving off it before voters and politicians will be willing to take serious measures. That delay will cause incalculable damage.

   1. Fred, it is true that members of Congress are a reflection of voters’ behaviors and attitudes. But the GOP is supposed to be the fiscally conservative party– and the party that brings us at least somewhat closer to the constitutional design for the federal government. Oh, I know that is a fantasy to regard the GOP in that manner, but that is how they represent themselves.

      I don’t think that poll cited in your comment gave respondents good options from which to choose, and I think there is more appetite for spending cuts than the poll suggests– particularly if people are made to understand that there are many nonessential areas to cut, and that taxing the rich and corporations cannot have a significant impact.

2. TC: There are 67 million folks on Social Security. ( I.07 trillion ) 66 million on Medicare. ( 12% of government spending ). We have become an entitlement state.

   There is plenty of fat in the budget but no one is willing to cut. That’s all .

   1. You are right, Fred. And of course, there is Obamacare and Medicaid– and Medicaid expansion under Obamacare. Those are entitlement additions over the last decade or so.

      And as you say, Fred, there is lots of other fat– brazenly unconstitutional fat.

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