When some people appear beyond help because of addiction or other circumstances they can’t control, family members have been known to stage an intervention. Congress and President Biden need an intervention as their addiction to spending exceeds anything seen in history.
In his State of the Union address last week, the president invoked one of his party’s favorite lines about corporations and the rich not paying their “fair share” in taxes. Notice they never say what they consider fair, and when Democrats manage to hike the tax rate it’s never enough.
The president claimed he has reduced the “deficit” (as opposed to the debt, which continues to grow). He takes credit for the reduction in spending following the COVID-19 pandemic, but that produced a decrease in the increase of spending, not an actual reduction. In the way the government misfigures things, if you spent $500 on a credit card one month and $400 the following month, you would have decreased your spending, but still added $900 to what you owe. See how this works?
The top 1% of taxpayers — those who earn $561,351 or more — paid 42.3% of the total tax revenue collected in 2020, according to the latest figures from the IRS. In fact, the top 1% of taxpayers paid more income taxes than the bottom 90% combined. And yet the president wants to squeeze more blood from these successful “turnips.” Notice Democrats never suggest cutting a single dollar in spending, or eliminating programs that don’t work, or have exceeded their “sell-by” date.
Basic economics appears among the casualties of what is not taught in today’s public schools and universities. Let me help the uninformed and misinformed. Too much debt is a dead weight on the economy and on individuals.