With passage of a new two-year federal budget deal worth $400 billion in new deficit spending, the forever debate over the national debt is back, except that it is framed wrongly. We shouldn’t let that go on.
Republican and conservative pundits lament along with Rand Paul that their party is full of hypocrites who talk about reducing the debt but keep voting for more deficit spending. Ok, I’ll buy that, but there is a greater hypocrisy buried in that assertion.
The plan fact is YOU CAN’T BEGIN REDUCING DEBT WITHOUT HIGHER REVENUES.
Everybody knows it, but Republicans continue to use the issue for political gain, knowing that we can’t budget cut our way out of debt. Democrats, on the other hand, want more programs and higher taxes, but aren’t willing to look seriously at reducing spending.
So the sad truth is that both major parties are interested most in short-term political gains, not in long term solvency for the nation. Republicans know that revenue reducing tax cuts only make things worse, just as they know the gas tax needs raising along with social security tax caps and a bunch of other items. Dems know that changes must come to Social Security and Medicare to begin cutting debt.
To be fair, the propaganda on both sides is so effective that the public won’t stand for big budget cuts, nor anymore for major tax increases. The elected officials merely reflect that.
The bottom line is no one in power is going to seriously try to reduce debt until either a huge crisis occurs or it serves some short-term political need.