At my age, I’m not as patient: Make the damned deal!
Republicans — stop cutting taxes until the budget is balanced. As a result of the last tax cut, under Trump the federal debt increased around $7.8 trillion in four years. Some folks got much more wealthy but the economy overall did not pick up as predicted. Check it out. Find a responsible way to increase income, including raising certain taxes if necessary. Yes, it will be painful.
Democrats — stop increasing overall expenditures until the budget is balanced. In response to the pandemic and a lackluster economy, under Biden the federal debt increased around $3.7 trillion in two years. The economy did pick up because the pandemic wound down and more spending created more jobs. But inflation was understandably the result. Find a responsible way to decrease expenses, even on so-called entitlements if necessary. Yes, it will be painful.
Default is not an option: It would be costly to both Republicans and Democrats – to us all. Increase the debt ceiling tied to a multi-year, phased-in approach to increase income and decrease expenses until we as a nation return to sanity. Begin to manage our nation’s finances as we would our families’ finances. And realize that we’re stronger if we work together and all share the economic pain that is necessary to get the deal done. It may take a few years but then and only then, could we substantially cut taxes or increase expenditures.
We’ll never get rid of debt; it is necessary to manage a robust economy. The last time the U.S. had no federal debt was in 1837. However, we can get rid of the deficit. The last time the U.S. had no deficit was in 2001. The time before that? 1969. We’ve done it before; we can do it again!
Calvin Boardman, Salt Lake City