What does the "proper" way of reducing the $2T annual deficit look like?
https://fiscaldata.treasury.gov/americas-finance-guide/feder...
https://budget.house.gov/press-release/governments-mandatory...
- Cuts to Social Security, Medicare/Medicaid, and defense
- Tax hikes
That way nobody feels like they are being targetted; everyone should feel at least some pain from austerity measures.
The top GOP priority in Congress right now, outside of ceding their constitutional responsibility, is searching for anyway to pass $4 trillion in tax cuts that will largely accumulate to the top 0.1%.
Most of MAGA is too distracted by culture wars tland identity politics to see the real robbery.
Spot on. The surface level arguments that gets passed down as deep knowledge is scary. They spit in their faces and they praise them for the rain.
If your family needed to do a budget, to suddenly stop paying your bills is not wise frugality.
Any spending cut on that scale, ~7% of your GDP, will unavoidably cause a recession so hard the impacts won't be limited to just the USA.
Any tax hike at that scale will do similar, because that just changes who is doing the spending not the amount available in the economy to be spent.
Inflation is — or at least is supposed to — encourage spending by anyone simply holding money instead of creating wealth with it; this is supposed to create investment opportunities that grow the economy, this is supposed to automatically provide a greater tax base that automatically reduces any deficit.
CRFB estimates ~$1T/year, if the current tax cuts are extended. https://www.crfb.org/blogs/trump-tax-priorities-total-5-11-t...