ANOTHER POINT OF VIEW: Both sides bear responsibility for rising federal debt | Opinion

In his September 23 article “GOP Wants No Part of Debt Ceiling Raise; good for them, ”union columnist Hugh Hewitt should have made it clear that the GOP does not want to participate in raising the debt ceiling just because it is requested by the Biden administration. This is politics! The Trump administration raised the debt ceiling three times: December 2017, March 2019 and August 2019.

Upon entering the White House, any newly elected president does not, to a large extent, control first-year federal spending. The expenses are a legacy of the former Congress and the President.

As such, the increase in the debt ceiling in December 2017 is not necessarily the fault of the previous Congress or Donald Trump. Ditto for this year’s Congress and the Biden administration.

In an interview with Fox News, our Congressman Kevin McCarthy claimed that the latest debt ceiling extension, in 2019, “paid for everything in the Trump administration, plus seven months of that Biden administration.” However, according to Salvador Rizzo of the Washington Post, this is not true. According to Rizzo, “Today the government continues to borrow money to pay for the policies Trump enacted, such as the 2017 tax cuts for businesses and the wealthy earners.” The national debt increased by $ 7.8 trillion under the Trump administration.

The total federal debt that we taxpayers owe is $ 28 trillion.

The CARES Act added $ 2.2 trillion to the 2020 budget deficit. That said, Trump’s tax cuts in 2017 added $ 5.6 trillion to the cumulative budget deficits. Essentially, the federal government had to borrow $ 5.6 trillion to pay for the tax cuts.

According to the Congressional Research Service, as reported by Rizzo, “Federal debt increased by $ 5.4 trillion from August 2019 (the last time the limit was suspended under Trump) to January 20, 2021 (when Trump left its functions). It rose an additional $ 675 billion in Biden’s nearly seven months in power in August. “

Recognize that we have a federal spending problem and that the 2017 federal tax cuts only exacerbated the federal debt. It’s no wonder if we can’t control federal spending, why we have to raise taxes. But, politics being what it is, when it comes to having to raise the debt ceiling, members of Congress are pointing fingers at each other. Senatorial Minority Leader Mitch McConnell, R-Ky., After three times approving a debt ceiling increase, does not want to participate in the $ 3.5 trillion proposal for future infrastructure and other proposed spending by the Biden administration. This is politics!

With the exception of Bill Clinton, the Republican and Democratic administrations ran budget deficits and, as a result, increased federal debt. The Reagan administration cut taxes and increased budget deficits by 142%. George HW Bush increased the deficit by 36% in one quarter while Clinton had a budget surplus of 1% in two quarters. George W. Bush, who started the fight against terrorism, increased budget deficits by 57% in two terms and ended his last term with the Great Recession. Barack Obama inherited the Great Recession and increased budget deficits by 58% in two terms. Trump inherited a steadily growing economy, removed regulations, cut taxes, and saw his deficit grow 33% in a single term.

Suffice it to say that each president has his own agenda. Federal tax cuts and spending have increased the federal debt. Make no mistake about it, however. Socialist policies don’t just come from Democrats. Republicans have their own form of socialism: corporate socialism through corporate tax cuts and loopholes as well as federal subsidies for many industries. Thank goodness communism is no longer a threat to our capitalist system.

If you, dear reader, have to argue that Democrats are a socialist threat, please take the case of corporate socialism from the Republican side. We only get partisan politics, finesse and selective argumentation that benefit their own political agendas.

Federal tax cuts and runaway federal spending have increased our federal debt.

Luis Medina from Bakersfield has a background in construction and real estate development. Another point of view presents a critical response to a previous editorial, column, or short story.

Source link

Comments are closed.