President Barack Obama is proposing a federal budget that would result in $1.5 trillion in red ink for next year, despite too-high taxes. That would increase the national debt far beyond the current $13 trillion national debt.
Tennessee officials legally do not have the “luxury” of running red-ink budgets. So with a proposed state budget of $28 billion, Gov. Phil Bredesen has called for enactment of $140 million in increased state taxes and fees.
In Chattanooga, the mayor has proposed a 64-cent city property tax increase.
We are in an economic crisis. Ordinary citizens cannot indefinitely increase their personal debts — nor can they individually just decide to increase their income.
So why is it that so many people ignore governmental tax-and-spend economic realities?
Many people demand more from government but want to pay less in taxes even when government is already running “short.”
It is not pleasant to face economic realities. But “payday” must come “someday,” though we act as thoug h that were not true.
Wouldn’t it be much better, wiser — and more comfortable — to face economic realities now and avoid the bad consequences of not doing do?