Roger Terry: Why the debt crisis is manufactured

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If Republicans are serious about reducing the debt, they will need to support significant tax increases, especially on the wealthy and corporations, Roger Terry writes.

Utah Rep. John Curtis addresses the delegates at the Utah Republican Party 2023 Organizing Convention at Utah Valley University's UCCU Center on Saturday, April 22, 2023.I have been communicating back and forth with my congressman, John Curtis. I write messages on his website, and he sends me form letters in reply.

But are they really serious about reducing the debt? Rep. Vern Buchanan has introduced legislation to make President Trump’s 2017 tax cuts permanent, which would cost roughly $2.6 trillion over the next decade. Of course, they also want to cut spending, but they will not specify how. Why? Because the math simply does not work out.

Many years ago, when my wife and I were younger, we went into debt to buy a house. At no time did we not “balance [our] checkbook” or “live within [our] means.” We always paid our bills. I looked up our income from 2005, and our mortgage payment was about 20% of our monthly budget. Now, I’ll be the first to admit that we need to reduce the debt. But holding the world financial system hostage over an artificial debt ceiling is not the way to do it. There is a regular budgetary process, and with divided government we should be able to arrive at a budget that includes reasonable spending cuts and significant tax increases. Yes, tax increases.

 

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