President Biden wants to raise taxes again. Unlikely, given the Republican House majority, but this Tax Day offers us our annual opportunity to explore what we are getting in exchange for what we’re paying Washington. Out-of-control spending, not lack of revenue, is responsible for our crushing national debt.
The CRFB statement continued: “We’re nearly at the point where our debt will be larger than the economy itself and on track to exceed its highest level ever as a share of the economy — truly unprecedented territory — in five years. And it’s getting more and more expensive to service that debt — interest on the debt is on track to exceed $10 trillion over the next decade. We’ll spend more on interest over the decade than we will on defense or Medicaid.
Where to find such a plan? How about starting with discretionary spending, which has ballooned 37% in the last five years?