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| Source:Peter G. Peterson Foundation- Americans who will probably be paying for the national debt for the rest of their lives. |
From the Peter G. Peterson Foundation
For anyone who tries to tell you that deficits and the national debt don't matter, whether there are Socialists on the Left or supply Neoconservatives on the Right, ask them one question: "then why do we need taxes if we we have unlimited borrowing power?" If deficits and debt doesn't matter and you have unlimited borrowing power, you wouldn't need taxes. If you want government to do something or increase spending, since you have unlimited borrowing power like someone who has their own printing machine and just print money every time they want to spend money, you can just print the money you need and want to spend.
This is a ridiculous question, because of course deficits and debt matter. So don't let the Dick Cheney's of the world or these leftist Democrats ( whether they call themselves Socialists or not ) running for President who will promise any single new government program that they can think of in order to win the Democratic nomination and who'll call their programs and services free, even though they're at least smart enough to know that their services won't be free and perhaps are just plain dishonest about it. Because they'll either be paid for in new taxes on the middle class by the way and not people who live in Manhattan, or the Hamptons, or in Georgetown, or in Beverly Hills, but by people who work hard everyday and live in middle class communities in Baltimore, Pittsburgh, Detroit, Chicago, and other places. Because the wealthy are smart enough to move their money oversees anytime they get wind of a new tax coming down the pike for them.
As it says in the video American taxpayers of all incomes every year pay about 390 billion dollars in interest payments on the debt. Which is just one example of what can happen when you have a national debt that's the size of you're entire gross national product. Just think of what Uncle Sam could do with 390 billion dollars a year that he doesn't have to tax his nephews and nieces every year to raise that revenue. 390 billion would repair, replace, and create a helluva lot of public infrastructure in America. Lots of roads and new schools in middle class and low-income communities. Money that could also be used to for adult education so people who are struggling to pay their bills and don't have enough education. We could be investing new funds for people who are uneducated and currently not working so they can finish and further their education, enter the workforce and join the middle class in America.
If you call yourself a Progressive, these are just some of the investments that America could be making for their people to improve their lives. But we can't do these things and a country and do other public investments when we're giving out 390 billion dollars a year ( and growing ) simply because we're not adult and responsible enough as citizens and public officials to pay for the things that we want our government to do for us every year. Of course deficits and debt matters and they don't go way simply by saying, "we'll just tax the rich" especially when even if your IRS actually gets that money would just be spent on new programs or put into additional government programs.
For anyone who tries to tell you that deficits and the national debt don't matter, whether there are Socialists on the Left or supply Neoconservatives on the Right, ask them one question: "then why do we need taxes if we we have unlimited borrowing power?" If deficits and debt doesn't matter and you have unlimited borrowing power, you wouldn't need taxes. If you want government to do something or increase spending, since you have unlimited borrowing power like someone who has their own printing machine and just print money every time they want to spend money, you can just print the money you need and want to spend.
This is a ridiculous question, because of course deficits and debt matter. So don't let the Dick Cheney's of the world or these leftist Democrats ( whether they call themselves Socialists or not ) running for President who will promise any single new government program that they can think of in order to win the Democratic nomination and who'll call their programs and services free, even though they're at least smart enough to know that their services won't be free and perhaps are just plain dishonest about it. Because they'll either be paid for in new taxes on the middle class by the way and not people who live in Manhattan, or the Hamptons, or in Georgetown, or in Beverly Hills, but by people who work hard everyday and live in middle class communities in Baltimore, Pittsburgh, Detroit, Chicago, and other places. Because the wealthy are smart enough to move their money oversees anytime they get wind of a new tax coming down the pike for them.
As it says in the video American taxpayers of all incomes every year pay about 390 billion dollars in interest payments on the debt. Which is just one example of what can happen when you have a national debt that's the size of you're entire gross national product. Just think of what Uncle Sam could do with 390 billion dollars a year that he doesn't have to tax his nephews and nieces every year to raise that revenue. 390 billion would repair, replace, and create a helluva lot of public infrastructure in America. Lots of roads and new schools in middle class and low-income communities. Money that could also be used to for adult education so people who are struggling to pay their bills and don't have enough education. We could be investing new funds for people who are uneducated and currently not working so they can finish and further their education, enter the workforce and join the middle class in America.
If you call yourself a Progressive, these are just some of the investments that America could be making for their people to improve their lives. But we can't do these things and a country and do other public investments when we're giving out 390 billion dollars a year ( and growing ) simply because we're not adult and responsible enough as citizens and public officials to pay for the things that we want our government to do for us every year. Of course deficits and debt matters and they don't go way simply by saying, "we'll just tax the rich" especially when even if your IRS actually gets that money would just be spent on new programs or put into additional government programs.
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