Does the fact the Untied States is in debt to the tune of $86,019 per citizen or a total debt of $28.6 trillion and an annual deficit of $3.1 trillion matter? Should we be concerned that we spend $403 billion each year on interest payments? SOURCE: US Debt Clock 8-22-21
Total US annual spending is about $7 trillion per year, but we only pay for little more than 50% of that spending.
At that rate of spending if we confiscate the entire net worth of the top 1% of US citizens, it would run the government for less than five years.
I’m thinking we have a problem with spending and telling Americans the truth about the taxes needed to keep the current programs such as Social Security and Medicare running as promised.
Have you heard about the additional taxes needed to forgive student loans, provide day care, lower eligibility age for Medicare, add additional benefits for Medicare, increase Social Security benefits and the COLA, all of which are being called for by Americas progressive politicians?
If you have, it was likely in the context of simply higher taxes on the millionaires and billionaires.
Don’t bet on it!
Don’t believe me? Look at the tax structures in the European Union and especially Scandinavia.
So if you are in the camp of Bernie, Elizabeth and the rest of Americas extreme progressive politicians and you support all the “more” they promise, get real.
Of course we can just ignore the spending and not pay for it all.