Of course, Biden sucks on the debt. Both parties do. That's my point. Nobody who voted for Trump, who ran up more debt in his tenure at a rate faster than any of his predecessors, has any place to complain about the amount today.
Trump and Mnuchin tried the old "tried and true" GOP policy of cutting taxes to spur growth.
Fau-Chi's pandemic got in the way and shut down the economy, causing the massive Debt.
Yes we can complain that Biden throwing money around like candy is not helping the fiscal mess.
We need both parties to sit down and negotiate a fiscal strategy.
McCarthy already admitted that only 11% of the Budget can have any cuts, the 89% is mandatory spending.
So if we can't cut our way back to sanity we need to raise taxes, otherwise the US becomes Greece/Venezuela.
Here are my fiscal recommendations:
1. Hire a new Grace Commission to study all government spending and eliminate duplication & waste. Did this in 1982 but never passed any of the recommendations.
2. Implement a new 4% Federal sales tax, excluding food. Raises over $1T
3. Implement a new financial transaction tax of ~0.50%. Raises over $1T
4. Implement a new Remittance Tax on all money sent out of the US, Raises over $150b, enough to pay for the wall and DHS
5. Implement a new 1% annual reduction in all government spending for the next 10 years, including headcount.
6. Implement a new fix for SS, raise ages from 62/67 to 63/68 for those under 50, and to 64/69 for those under 30, since we live longer and collect longer, also raise the cap.
7. Implement a new fix for Medicare.
