I curious to know this because despite COVID 19 federal spending must still be curbed and fiscally responsible.
There are two pillars of fiscal responsibility. One is to increase your revenue to meet expenses. The other is to eliminate
UNNECESSARY SPENDING.
They'll cut defence the bloated and totally unnecessary defence spending budget. They'll stop construction on Trump's border wall, and eliminate the concentration camps on the border. There is a lot of pork and waste going to Big Oil, Big Pharma, and the military industrial complex.
Then they'll increase revenues. First by raising the corporate tax to 28%, and closing the loopholes which allow the most profitable company in the world, Amazon, to pay no taxes. Next they'll cancel the Trump tax cuts for the super wealthy. 80% of Trump's tax cuts went to the top 10%. That cancellation will raise the tax rate for the wealthiest Americans.
Most importantly, Democrats will raise the minimum wage to $15 per hour, and reinstate Obama's overtime mandate for low wage "managers". This will reduce the need for Section 8 housing assitance, SNAP benefits, and other income supports for low wage workers, both increasing taxes paid by working Americans, and reducing the need for income supports for minimum wage workers.
Republicans are always critical of "tax and spend" Democrats. But notice that the "tax" comes before the "spending" by Democrats. When Democrats introduce a public program, they create a means to fund the program. When Republicans create a program (MediCare Part D), they add it to the government credit card.
Republicans "cut and spend". They cut taxes for millionaires, and then spend like drunken sailors to mitigate the economic damage done to the economy by doing so. Republicans then claim that the increased revenues generated by the government spending, demonstrate the benefits to the economy of the tax cuts. Both the tax cuts, and the increased government spending, are added to the deficit.
Republicans say that the "tax cuts will pay for themselves". The Office of Budget Management has said that no tax cut in the history of the nation, has EVER paid for itself. Republicans say that "tax cuts create jobs". The Labor Department has said that tax cuts do NOT create jobs. The increases in the labor market following Republican tax cuts is because of increased government spending on the military, and infrastructure following the tax cuts, which creates the jobs.
Every large Republican tax cut and spending spree has been followed by an economic collapse, each worse than the last. Trump has the largest economic collapse since the Great Depression, and the pain and unemployement is rising, now that government payroll assistance has ended.
Americans are just starting to feel the economic pain.
