Our democracy requires a source of revenue, taxes, to survive and function.
One of our unaccountable politicians’ favorite song and dance routines when running for the Oval Office is tax reduction, aka kicking the can (national debt) down the road for future administrations and America’s youth to deal with.
When expenditures exceed tax revenue, we write IOUs.
Before Trump started talking out of both sides of his mouth, China held the most U.S. notes of any foreign country.
On one side of his mouth, he is bad-mouthing China, while on the other side he is saying, oh, by the way China, our tax revenues are not paying the bills, will you pick up a few more IOUs.
Debts owed to foreign countries, as of Dec. 10: Japan, $1.266 trillion; China, $1.07 trillion; United Kingdom, $368 billion; Ireland, $300 billion; and Brazil, $288 billion, according to Sirrus.
Who holds the most of America’s debt?
“We the people.”
The Social Security retirement trust fund has so much surplus cash that it has become the goose that laid the golden egg for our unaccountable politicians.
The debt incurred by the last four years of the Trump Administration has resulted in a 29.4 percent increase in the national debt.
Herb Evanson
Beaver Valley