The growth of the debt under Biden compared to Trump

Or we stop going to war

 

Repeating a falsehood four times does not turn it into a truth.

The Second World War ended in 1945. The national debt as a percentage of gross domestic product was 114%

By 1980 this had declined to 32%.

During this time the top tax rate never got below 70%, and was often much higher.

During the Reagan administration the top tax rate was reduced to 28%. The national debt as a percentage of GDP rose to 50%.

President Clinton raised the top tax rate from 31.0% to 39.6%.

For several years the national debt declined.



Then President George W. Bush cut the top tax rate again, while starting two expensive wars he could not win.

Trump cut taxes for the rich again. During his last year in office the national debt as a percentage of GDP rose to 129%.

After two years of Biden's presidency this declined to 122%.

U.S. National Debt by Year (thebalancemoney.com)

P:\WILLIS\Spring02\Articles and (irs.gov)

There is little popular support for specific cuts in domestic spending.

Poll: Cut federal spending — but not big-ticket programs

BY JOSH BOAK AND HANNAH FINGERHUT
Published 7:32 AM PDT, March 29, 2023
WASHINGTON (AP) — In the federal budget standoff, the majority of U.S. adults are asking lawmakers to pull off the impossible: Cut the overall size of government, but also devote more money to the most popular and expensive programs.

Six in 10 U.S. adults say the government spends too much money. But majorities also favor more funding for infrastructure, health care and Social Security — the kind of commitments that would make efforts to shrink the government unworkable and politically risky ahead of the 2024 elections.

These findings from a new poll by The Associated Press-NORC Center for Public Affairs Research

Poll: Cut federal spending — but not big-ticket programs | AP News

For years public opinion surveys have indicated majority support for a more progressive tax system.

poll + taxes + rich - Search (bing.com)

 

We cannot tax our way out of debt.
We cannot tax our way out of debt.
We cannot tax our way out of debt.
We cannot tax our way out of debt.

This bears repeating because people don't accept what doesn't fit their agenda at first.

The reason we can't tax our way out of debt is that congress will always find a way to spend whatever they are given.

The answer is IMMEDIATE across the board budget cuts in every program, every department. No exceptions.

We're currently spending $7 TRILLION while revenue totals just under $5 TRILLION.

To balance the budget requires a 30% cut in spending.

Reality sucks, doesn't it?

 

The reality is that there is little popular support for specific budget cuts, much support for more spending, and much support for higher taxes on the rich.

This is why there will never be a 30% cut in spending. The majority of the voters do not want it.

 

If the tax on "the rich" was increased to 100% and congress passed only balanced budgets for the next decade we still would not pay off the debt.

Like it or not, ACROSS THE BOARD budget cuts are the immediate and unavoidable step.

We must force congress to take care of our business or get people in who will.

 

Republican tax cuts for the rich got us into this problem. Democrat tax increases will get us out.

 

The US public will be happy to pay for some of these:



(and there might be cost over runs)