The 40% increase in the federal deficit this fiscal year is a real problem, since the large tax cuts (part of the Tax Cut and Jobs Act) were not accompanied by a reduction in federal spending.
Tag Archives: Democratic Party
Deficit Reduction…
The question of what to do about the economy is foremost in our minds. Greece must slash its deficit and increase its tax revenue. (Oh, I know, if it increases its tax revenue, the deficit will decrease- but in Greece’s case, that is not what is being discussed.) In America, the Republicans want spending decreased, the Democrats want taxes increased on the ‘rich’- those whose taxable income exceeds $250K or $ 1 million. The Democratic position is that we are still not growing enough jobs- and while private industry is hiring, our states are slashing jobs at an enormous rate. The Republicans feel that tax increases on the rich will stop them from hiring.